Shortly after an unknown source revealed that the government of India is planning a complete ban on the usage of digital currencies in the country, two famous personalities have announced to fund the development of Bitcoin in the country.
Jack Dorsey, the Co-Founder of the payments services firm Square and the Chief Executive Officer (CEO) of the social media platform Twitter, has announced on Twitter that he is going to set up a blind bitcoin trust in India and Africa with the help of Jay Z, a famous American rapper.
Both of these two have announced to give an amount of 500 Bitcoin (BTC) to this newly-introduced endowment, which is known as ₿trust. This amount is worth approximately $23.5 million at the current time when the price value of the pioneering cryptocurrency is trading at $47,100.
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
While unveiling further details regarding the trust, Jack Dorsey said that they would set up the new endowment as “a blind irrevocable trust.” He said that they need only three members to begin the creation of the trust and seeks to hire three persons to make the team. A job application has also been released for this purpose as well.
Making Bitcoin the Currency Of the Internet
The job application has also unveiled the real mission of this newly-introduced fund, which is to make the flagship cryptocurrency the currency of the internet. While serving as a BTC guide for people, this trust will focus exclusively on the development of BTC in regions where people have not gained enough exposure to the prominent cryptocurrency, such as India and Africa. Dorsey and Jay Z have also claimed that they plan to expand this trust to the other such regions of the world too in a bid to help people residing out there get exposure to Bitcoin.
This announcement by Jack Dorsey came a few hours after the news spread in the cryptocurrency community that concerned the plans of the government of India regarding banning cryptocurrency investments completely for people in the country. As part of an upcoming bill, the Indian government is likely to levy a ban on crypto usage within the country. The government, however, is expected to give relief to the existing investors by providing them with a three to six-month time period so that they could liquidate their assets.
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