Twitter CEO announces Bitcoin development fund for India


Twitter CEO Jack Dorsey and Indian Prime Minister Modi (Image Source: Twitter)

On Friday, Twitter CEO Jack Dorsey announced that he along with American artist Shawn Corey Carter, famously also known as Jay-Z, plans to launch an endowment fund for the development of Bitcoin in India and Africa. An endowment fund is an investment fund when the initial funding is done by donors or a foundation. The announcement comes at a time when the Indian government is trying to ban private cryptocurrencies in the country. It also comes at a time when various tech giants have been initiating the usage of bitcoin as an online currency. 

Dorsey announced through a tweet that he and Jay-Z are giving 500 Bitcoins to a new endowment named ₿trust to fund Bitcoin development, initially focused on teams in India and Africa. In the tweet, he also mentioned 3 board members are required to start and attached a Google form for a board member application. The form mentioned that the mission of ₿trust is to “make Bitcoin the Internet’s currency.

Dorsey has been a supporter of cryptocurrency, especially bitcoin, stating that it has a “foundational internet technology” and it is “not controlled or influenced by any single individual or entity.”

The Indian government‘s Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is currently a draft that is yet to be finalized. The bill aims to create a framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI) and seeks to ban all private cryptocurrencies in India. It has a provision for certain exceptions to promote the underlying technology of cryptocurrency and its uses. 

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