ReutersMumbai: Twitter Inc.’s Chief Executive Officer Jack Dorsey has set up ₿Trust, an endowment to fund bitcoin development in India and Africa. Joining him in the venture is Shawn Corey Carter, also known as Jay-Z. The trust will not have any binding direction from them.
"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 and India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us," Dorsey tweeted. " We need 3 board members to start:"
Dorsey's push for bitcoin development in India comes at a time when the Indian government is looking to introduce its own “public” cryptocurrency and ban “private” ones. Last month, the Centre said it will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing budget session. The crypto bill is aimed at paving the way for the Reserve Bank of India to introduce digital rupee in the country.
This, at a time China is already testing a version of its digital yuan.
The current bill, experts reckon, may resolve the ambiguity on trade in digital money, which is currently neither banned nor legalised in India. RBI barred regulated entities such as banks from allowing trade on crypto exchanges in 2018. However, the Supreme Court overturned this move in March 2020, removing restrictions on cryptocurrency trade through banking channels.
"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 and India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us," Dorsey tweeted. " We need 3 board members to start:"
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focuse… https://t.co/qsrkBMuNnv
— jack (@jack) 1613111632000Dorsey's push for bitcoin development in India comes at a time when the Indian government is looking to introduce its own “public” cryptocurrency and ban “private” ones. Last month, the Centre said it will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing budget session. The crypto bill is aimed at paving the way for the Reserve Bank of India to introduce digital rupee in the country.
This, at a time China is already testing a version of its digital yuan.
The current bill, experts reckon, may resolve the ambiguity on trade in digital money, which is currently neither banned nor legalised in India. RBI barred regulated entities such as banks from allowing trade on crypto exchanges in 2018. However, the Supreme Court overturned this move in March 2020, removing restrictions on cryptocurrency trade through banking channels.