Jack Dorsey, the CEO of Twitter, has been a strong proponent of the leading cryptocurrency, Bitcoin. Recently, Jack Dorsey collaborates with American rapper and businessman Shawn Corey Carter, popularly known as Jay-Z, to set up Bitcoin Trust. They have set up a 500 BTC trust to fund bitcoin development. It will primarily concentrate on Africa and India. Meanwhile, the Indian government is currently contemplating banning private cryptocurrencies while exploring developing an official digital currency.
Jack Dorsey tweeted that he could raise 500 Bitcoin with Jay-Z, which is worth over $23.6 million. As per the CEO of Twitter, this Bitcoin trust initiative, which primarily concentrates on developers in India and Africa, will be launched as a non-revocable trust. It will also not take any command from both Jay-Z and Dorsey. To get things ignited, they are currently viewing three board members to work with on the project.
Jack Dorsey sets up various funds for Crypto Development
However, this might be Jay-Z’s initial commitment to support Bitcoin; Dorsey has already committed substantial funds to support crypto development. Dorsey led his company, Square Inc., to fund $50 million in Bitcoin last year, simply after MicroStrategy declared their BTC position. Lately, Twitter also revealed that they contemplate performing a similar move to add and reward employees in the cryptocurrency. It’s also worth considering that Dorsey is now operating his Bitcoin node to keep the network more secure.
After Jack Dorsey’s tweet, Indian crypto traders went on Twitter nominating significant cryptocurrency startup founders, Nischal Shetty of WazirX and Binance CEO Changpeng Zhao, as board members. One crypto startup founder also nominated Tata Group’s Ratan Tata. Contrarily, the Indian government intends to ban private cryptocurrencies and introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. It will be done in the Budget session of Parliament, currently underway, as per reports.
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