Dorsey, Jay-Z partner to promote bitcoin in India

Twitter founder and CEO Jack Dorsey plans to endow a trust with 500 BTC or bitcoins (about $23.7 million as of this writing) along with rapper Jay-Z to aid bitcoin development, with an initial focus on India and Africa.

“JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment… 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,” Mr. Dorsey said in a tweet, in which he posted a job application for the trust’s board.

The single line job description said, “mission: make bitcoin the Internet’s currency”.

The Centre plans to ban private cryptocurrencies and is expected to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing Budget session of Parliament. The Bill, however, is expected to provide some exceptions so as to aid the development of the technology underlying cryptocurrencies.

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