Explained: Why Wikimedia foundation discontinues cryptocurrency donation service?

New Delhi: The popularity of cryptocurrencies is very high across the globe. Many organisations have been accepting donations in cryptocurrencies. However, the non-profit organisation of Wikipedia, Wikimedia foundation announced to discountiune accepting donations in cryptocurrency due to impact on the environment.

On the decision, the foundation said, ”We have decided to discontiue direct acceptance of cryptocurrency as a mean of donating…we are making this decision based on recent feedback from (volunteer and donor) communities.”

The feedback drive went on for three months, ending in Apirl. This information was shared by a Wikipedian on Twittter who goes by the name Molly While.

Over 71% users voted against crypto donations

In the voitng, 400 Wikipedia editors participated. Out the total 400 voters, 232 users voted against the cryptocurreny donation, 94 editors voted for crypto donations while 75 user were excluded from voting.

It is reported that the proposal to stop crypto donation in Wikimeida was singalled in January. It was sent to Wikepedia by its editor, vermont.

The proposal said, ”Cryptocurrencies are very risky investments. I don’t thing we should be endorsing their use in this way. I am against their usage and endorsing their use in this way.”

”Accepting cryptocurrencies constitutes an implicit endorsement of the issues surrounding cryptocurrencies cryptocurrencies, and community issues with the risk to the movement’s reputation for accepting for accepting cryptocurrencies,” read Vermont’s post in Wikipedia post.

Received donation worth $130,000

According to the information provided by Vermont, the foundation received crypto donation worth $130,000 in the most recent fiscal year.

However, it is amounted to less than 0.1 per cent revenue of the foundation. Notably, Bitcoin was the most preferred choice of donors who donated in cryptocurrency.