Twitter CEO Jack Dorsey and popular American pop star Jay Z have launched a 500 bitcoin trust focusing on bitcoin developers from India and Africa. The announcement comes at a crucial time, especially for Indian developers, as the government in the country is reportedly planning a crypto ban. Jack Dorsey’s tweet also cleared that the bitcoin trust would be independent and would be lead by a three-member team for which they are currently looking for a lead.
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
The trust is independent of any influence from the founders.
According to the official announcement, the trust is reportedly blind, irrevocable, and independent of any influence from the founders. Twitter CEO is a well-known Bitcoin proponent, and his crypto venture Square inc. has already become quite popular for spending bitcoin. Earlier, BNY custody bank and Mastercard announced crypto integration. The microblogging platform Twitter and Uber disclosed they are planning to use Bitcoin as a form of payment and pay an employee salary. The recent bitcoin frenzy was due to Tesla’s massive $1.5 billion investment in bitcoin, which triggered the leading crypto currency’s price to reach new all-time highs.
India plans to ban cryptocurrencies and develop a digital rupee.
As reported earlier, the Indian government may take the “ordinance route” to ban the use of all cryptocurrencies in the country as well as create a regulatory framework for a digital rupee issued by the Reserve Bank of India. The Indian crypto industry has pooled their resources together and launched a campaign to gain support from parliament members as possible about the upcoming anti-cryptocurrency regulation. The proposed bill prohibits cryptocurrencies while creating a digital rupee framework to be issued by the Reserve Bank of India (RBI). The Indian government plans to introduce the cryptocurrency bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” during parliament’s current session.