Jack Dorsey, CEO of Twitter and Square, and musician Jay Z have created a foundation to support the development of Bitcoin in Africa and India, Dorsey said last month.
Jack Dorsey and Jay Z invest 500 Bitcoins
Jack Dorsey and Jay Z invest 500 Bitcoin in the endowment trust, which is currently valued at $ 23.6 million. According to Dorsey, the fund would be set up as a blind and irrevocable trust, and the two will offer no guidance to the team.
The trust needs three members of the board of directors. According to a job application, the fund’s goal is to “make the Internet money from Bitcoin”. The Indian government has so far been reluctant to embrace bitcoin and other cryptocurrencies.
The move comes as New Delhi moves closer to passing legislation that would ban private cryptocurrency in the country. He also plans to develop his own digital currency.
“Even though India is the software development capital of the world, we haven’t made a significant contribution to basic bitcoin development,” explained Varun Deshpande, co-founder of OnJuno, which is building a platform digital banking in India for Asian Americans. , at TechCrunch.
In recent years, however, Africa, particularly Nigeria, has seen an increase in Bitcoin transactions. Nigerians traded over $ 400 million in cryptocurrency on major local crypto exchanges last year, and the country ranks second behind the United States in terms of the volume of Bitcoin traded during over the past five years.
Cryptocurrency traders in Africa use it as a hedge against currency depreciation and for exchanging value in cross-border transactions. During the #EndSARS protests that rocked Nigeria last year, Bitcoin trading became popular.
The Nigerian government closed bank accounts used for the protests as donations began to flow from across the country and the Diaspora. However, Bitcoin has become a lifeline for the crowdfunding industry, allowing it to continue.
Since then, there has been growing concern that the Nigerian government intends to regulate Bitcoin. The country’s central bank last week issued a regulation prohibiting banks and financial organizations from trading cryptocurrencies or facilitating payments for cryptocurrency exchange platforms, confirming those fears.
Dorsey has long advocated for the adoption of cryptocurrency. Square already accepts Bitcoin and bought around $ 50 million in Bitcoin for its corporate treasury last year, while Twitter plans to use Bitcoin to pay its staff and vendors.
Many industry figures have urged governments to embrace Bitcoin. Balaji Srinivasan, an investor and entrepreneur who was previously CTO of Coinbase explained why India should adopt Bitcoin earlier this month.
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