Twitter CEO, Jay-Z Offer 500BTC to Support Bitcoin Development in Africa and India

500BTC is worth $23.67 million, or 2.58 Billion Kenyan Shillings, as at the time of writing.

Twitter CEO Jack Dorsey tweeted that he will offer 500BTC, in partnership with US rapper Jay-Z, to a newly created endowment to support Bitcoin development in Africa and India.

Based on the current price of Bitcoin, which has skyrocketed in the past few weeks, 500BTC is worth $23.67 million, or 2.58 Billion Kenyan Shillings, as at the time of writing.

In a tweet, Dorsey said the new endowment, called ₿trust, will initially be focused on teams located in Africa and India.

“It‘ll be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said.

₿trust is also hiring three board members who will oversee the operations to “make bitcoin the internet’s currency.”

That said, the Indian government has been reluctant to adopt Bitcoin. Barely a month ago, the country was mulling a Bitcoin ban in conjunction with other private cryptocurrencies. The government plans to switch to a national digital currency that will be regulated by the central bank.

In Africa, things aren’t any better.

Nigeria’s Central Bank ordered banks and other financial institutions to stop dealing with firms and individuals that deal with cryptocurrencies. The country’s apex bank also ordered the financial and non-financial institutions to identify and ban accounts associated with crypto, although trading crypto is not yet illegalized.

Besides Nigeria, which is among the top country’s P2P Bitcoin trading volume, few other African countries have announced their stance on digital currencies, including Kenya.

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Alvin Wanjala

Alvin Wanjala has been writing about technology for over 2 years. He writes about different topics in the consumer tech space. He loves streaming music, programming, and gaming during downtimes.

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