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THE U.P. CATHOLIC GIFT GUIDE
November 19, 2021
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Diocese accepts cryptocurrency for donations
JOHN FEE
THE U.P. CATHOLIC
While cryptocurrency is not yet mainstream, the decentralized digital form of money is becoming more ubiquitous by the day. Companies such as Overstock.com are taking it for payments along with smaller operations such as lawn services. For instance, Timothy Thomas, diocesan director of finance and administration pointed out, The young man who mows my lawn takes it as compen- sation for his work. Responding to the growth of cryptocurrency, churches are beginning to accept it for donations. Its convenient for young people who may already have it in their digital wallets. According to The Giving Block, donating cryptocurrency can have tax advantages for high net worth individuals who have it in their investment portfolios as the IRS classifies it as property for tax purposes. This avoids inves- tors having to pay capital gains taxes if they have realized growth in their investments, yet tax deduc- tions are set at fair market value at the time of the donation. The Diocese of Marquette recently joined with The Giving Block to receive cryptocurrency dona- tions. Currencies accepted include Bitcoin, Ethe- reum, ChainLink, Litecoin and more. The Giving Block focuses on equipping nonprofits to accept cryptocurrency donations.The original cryptocur- rency, Bitcoin, launched in 2009. The decentralized currencies operate using blockchain technology on peer-to-peer (private) networks. This means that cryptocurrency, unlike fiat currency (government controlled), is not regulated or overseen by govern- ments. The nature of the cryptocurrency has led to con- cerns of it being used for illegal activities, including human tricking and child sexual abuse materials (CSAM). While illegal activities have long operated on exchanging physical cash, cryptocurrency payments may be made electronically. However, cryptocur- rency exchanges are fighting back. Gemini, the exchange used by The Block Chain, and others joined the Anti-Human Tricking Cryptocurrency Consortium (ATCC). Cointelegraph reported on Nov. 3, 2020, Launched in April 2020 by the Anti-Human Tricking Intelligence Ini- tiative, the consortium is a nonprofit focused on intelligence sharing, best practices and the develop- ment of tools to fight tricking. The ATCC brings together crypto exchanges, blockchain intelligence irms and law enforcement to combat human traf- icking and CSAM. On Jan. 19, 2021 Forbes looked into criminal activity and crypto currency in an article titled The False Narrative Of Bitcoin's Role In Illicit Activi- ty. It was in response to Secretary of the Treasury (then nominee) Janet Yellen speaking to a Senate Finance Committee hearing. She stated that she believed cryptocur- rencies are used mainly for illicit financ- ing. Forbes noted that in According to an excerpt from Chainalysis 2021 report, in 2019 criminal activity represented 2.1% of all cryptocurrency transaction volume (roughly $21.4 billion worth of transfers). In 2020, the criminal share of all cryp- tocurrency activity fell to just 0.34% ($10 billion in transaction volume). Forbes continued, According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laun- dering and illicit activity. This means that criminal activity using cryptocurrency transactions is much smaller than fiat currency and its use is going down year by year. Concerning the diocese receiving cryp- tocurrency donations, Thomas said, While it is possible that cryptocurrency is used for criminal activities, we believe that the connection between CSAM and cryptocurrency is less than the connec- tion between CSAM and fiat (our current curren- cy). Further, Thomas emphasized that the diocese would not accept donations that came about through activities that are antithetical to Church teaching. We would not knowingly accept any funds (in any form) as a donation that we know to be from ill-gotten gains, or from any activity that opposes Catholic social teachings. We would expect all par- ishes to do the same, Thomas said. To make a donation or to learn more about do- nating cryptocurrency to the diocese, visit www. dioceseofmarquette.org/giving.
What is cryptocurrency and what are the moral ramifications? Bishop Garland, We wish you a very Happy & Blessed 90th Birthday! - Sincerely, Fr. Abraham & the Parishioners of
HOLY SPIRIT CATHOLIC CHURCH, MENOMINEE
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