Just hours after an unnamed source claimed that India intended to impose a comprehensive ban on digital currencies, a Twitter CEO and a rapper launched a 500-bitcoin development fund to develop bitcoins in India and Africa.
to the the report Twitter CEO Jack Dorsey, along with popular rapper Jay-Z, announced the creation of a 500-bitcoin ($ 23.7 million) development fund. The fund is to be used to develop bitcoins in Africa and India.
On February 12, Dorsey announced the creation of the fund and asked three board members for initial oversight. Dorsey’s special announcement to the board members stated that the purpose of the rustTrust Development Fund was to “turn bitcoin into an Internet currency.”
It is worth noting that this fund is a type of confidential fund; That is, the beneficiaries can not see its inventory and do not benefit from it.
The Twitter CEO posted the tweet just hours after news broke that India might launch a ban on digital currencies within its borders.
An unnamed source told Bloomberg that the world’s second most populous country may soon ban all types of encrypted assets and give users three to six months to cash in on their assets.
February 10 Jack Dorsey donates $ 1 million to the Washington-based nonprofit Coin Center. Thirty donated. The organization also received a $ 2 million grant from Grayscale Asset Management Company.
Dorsey’s fondness for bitcoin these days prompted him to install a Full-Node bitcoin from his personal MacBook; This means that he now has a hand in approving the bitcoin blockchain.