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

  • Jack Dorsey has attached a 'Bitcoin trust board member application' document along with his tweet

Edited By Meghna Sen
Updated12 Feb 2021, 01:48 PM IST
A Bitcoin Trading Machine is seen in a store in Brooklyn, New York, U.S., February 9, 2021. REUTERS/Brendan McDermid
A Bitcoin Trading Machine is seen in a store in Brooklyn, New York, U.S., February 9, 2021. REUTERS/Brendan McDermid(REUTERS)

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.



Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:12 Feb 2021, 01:48 PM IST
HomeNewsIndiaTwitter CEO Jack Dorsey plans fund for Bitcoin development in India as govt mulls cryptocurrency ban

Most Active Stocks

Bharat Electronics

313.50
03:59 PM | 18 JUL 2024
-12.85 (-3.94%)

Oil & Natural Gas Corporation

331.20
03:59 PM | 18 JUL 2024
8.8 (2.73%)

Zee Entertainment Enterprises

142.45
03:59 PM | 18 JUL 2024
-13 (-8.36%)

Tata Steel

166.35
03:56 PM | 18 JUL 2024
-0.7 (-0.42%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

India Cements

344.75
03:54 PM | 18 JUL 2024
21.7 (6.72%)

IDBI Bank

92.19
03:59 PM | 18 JUL 2024
4.27 (4.86%)

Endurance Technologies

2,679.00
03:29 PM | 18 JUL 2024
102.4 (3.97%)

Gillette India

8,002.75
03:29 PM | 18 JUL 2024
275 (3.56%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,099.00-147.00
    Chennai
    74,659.00-440.00
    Delhi
    74,512.00-294.00
    Kolkata
    75,539.0073.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts