These donations will be facilitated through Engiven, an enterprise donation platform that uses blockchain technology to enable non-profits to receive cryptocurrency donations. Engiven has already helped more than 400 faith-based groups to accept crypto donations, including a $10 million Bitcoin donation, the largest single BTC donation ever recorded.

Joseph Gillmer, the Executive Director of Development in the Archdiocese of Washington, noted that introducing cryptocurrency donations is intended to increase their ability to engage with parishioners and enable them to fulfill their mission better.

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Janusz Urbanczyk, the Vatican representative to UN agencies in Vienna, said the use of cash to avoid transparency "has shifted into the even less transparent world of digital payment and cryptocurrencies."

"Some online platforms oblige their clients — senders and beneficiaries of remittances — to identify themselves.

However, some cryptocurrency platforms and virtual asset service providers do not request identification from their customers," Urbanczyk explained.

"As is well known, this only increases opportunities for money laundering and similar crimes," he said.

The anonymity provided by most cryptocurrencies has been exploited by criminals. They have used it in money laundering, arms deals and drug and human trafficking.

Technology, Urbanczyk said, "is a double-edged sword".

While cryptocurrency can be used "for evil ends," there are also technological advancements developed by law enforcement authorities that allow "people to equip themselves with knowledge about the risks of smuggling and provide means through which to report possible cases of it."

To raise awareness of their risks and educate users and beneficiaries in the correct use of virtual assets, the Holy See official called for the promotion of awareness campaigns and specific training programmes, nationally and internationally.

The aim of the campaigns will be to contribute to the prevention of smuggling and the protection of migrants, particularly those in need.

In response to the rising trend of cryptocurrency use in migrant smuggling, and coupled with the volatility of most cryptocurrencies, some governments have cracked down on crypto. China, for example, has banned all crypto mining and transactions.

Other nations are working on or planning to introduce Central Bank Digital Currencies (CBDCs). These will provide citizens with the same benefits of electronic payment but in a more regulated manner.

According to the International Monetary Fund (IMF), 110 countries are at "some stage" of exploring the possibility of digital currencies.

Sources

Crux

Vatican News

Bitcoin is an online form of money that has seen its use and value skyrocket in the past year is a "cryptocurrency".

Jeremy Wight, Connections executive pastor since January 2013, said accepting Bitcoin can only help the small church - or for that matter, any business.

"Why not?" he said.

"Why would any business who understands Bitcoin not give people more options to pay for their services?"

Bitcoin is by far the most widely used cryptocurrency and Wright likes the idea of a global currency, like Bitcoin, which is not regulated by any government.

Wight said the church is also accepting litecoin, and will soon accept dogecoin.

Connections church accepted $6,500 donations in January and has not yet received any Bitcoin donations.

Wright says he has subdued expectations for Bitcoin donations, and says while Bitcoin has a long way to go, it is creeping into the the mainstream.

An online Bitcoin account does not have any personal information attached to it, can be transferred or cashed anywhere in the world that has access to the Internet. It is an non-government regulated currency.

Bitcoin is best known for shadowy business, most famously for its use as the tender for the Silk Road.

Sources

• Idahostatesman
• Image: Connections church