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Home >News >India >Twitter CEO Jack Dorsey plans fund for Bitcoin development in India as govt mulls cryptocurrency ban

As the adoption and use of cryptocurrencies still remains a pipe dream in India, Twitter Chief Executive Jack Dorsey on Friday said that he is planning to given 500 BTC to a new endowment to fund the development of Bitcoin in India and Africa.

"JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named 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," tweeted the Twitter CEO.

Dorsey has also attached a "Bitcoin trust board member application" document along with his tweet.

Meanwhile, the Central government has readied new legislation — Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 — that aims to ban all private cryptocurrencies, while setting the stage to roll out the legal framework for an "official digital currency".

However, this isn't the first time when the government has tried to act against crypto-currency.

The Reserve Bank of India had banned cryptocurrencies back in 2018, which was later overturned by the Supreme Court.

What is Bitcoin?

Bitcoin is the first and most popular cryptocurrency or digital currency in the world. It can be used as both a mode of exchange (money) and a store of value (investment vehicle).

Bitcoin is a decentralised digital currency that cannot be controlled or altered by any individual or organisation because no single entity owns the network.

There are 6,700 different types of crypto-currency traded publicly, as per CoinMarketCap.com, a market research website. Some of the popular ones are -- Bitcoin, Dogecoin, Ethereum, XRP, etc.



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