Just hours after an anonymous source reported that India will issue a blanket ban on all cryptocurrencies, Jack Dorsey and Jay-Z announced a 500 bitcoin development trust.
Twitter CEO Jack Dorsey announced the establishment of a Blind Bitcoin (BTC) 500 BTC ($23.7 million) development trust, along with rapper Jay-Z, for teams working on the project in India and Africa.
Dorsey announced the formation of a trust on Feb. 12, at the same time as sending a call for three board members to initially oversee the blind trust.
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
Dubbed the ₿Trust, the application form for board members reveals the mission statement, “Make Bitcoin the internet’s currency.”
The Twitter CEO’s tweet came only hours after news emerged regarding India’s reported attempts to fully prohibit the usage of cryptocurrencies inside its borders. The world’s second most populous country could soon move to ban all crypto assets, allowing users a 3–6 month grace period to liquidate their holdings, according to an anonymous source who spoke to Bloomberg.
On Feb. 10, Jack Dorsey donated $1 million to the Washington D.C.-based non-profit organisation Coin Center, which also received a $2 million donation from Grayscale asset management company. Dorsey’s continuing infatuation with Bitcoin recently saw him set up a full-node bitcoin on his Macbook, suggesting that he now has a hand in testing the blockchain bitcoin.
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