Jay-Z & Jack Dorsey Set Up Fund to Promote Bitcoin in India, Africa

In a tweet, Twitter founder and CEO Jack Dorsey plans to endow a trust “₿Trust” with 500 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 named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India,” he wrote in the tweet.

According to a report from CNN Business, Hov and Dorsey are making a giant leap into the volatile world of Cryptocurrency, which has resulted in their search for board members to helm the multi-million dollar excursion. Dorsey termed it a “blind, irrevocable trust” and promises the fund will have “zero direction” from himself.

The Indian Govt. 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. Some Indian crypto stakeholders have claimed that it is practically impossible to ban Bitcoin or cryptocurrencies since these are not owned by any single entity or a government.