The crypto industry in Africa and India is still nascent as the countries are just beginning to come to terms with what this new technological advancement means for their financial industry.
Twitter’s CEO Jack Dorsey together with billionaire music mogul Jay-Z have announced a blind Bitcoin (BTC) development trust that is worth 500 units of BTCs which translates to over $23 million. The trust would have a mission of “making bitcoin the internet’s currency” and it would be focused on teams in India and Africa, first. These teams would make substantial efforts towards the development of the leading crypto asset.
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. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
Dorsey’s tweet was accompanied by a form requesting for three board members who would oversee the trust at its initial stage. The trust has been named the “₿Trust.” This new donation comes hot on the heels of an earlier $1 million donation made by the Square founder to Coin Center which is a Washington D.C-based nonprofit organization.
Not only that, his work in bolstering the adoption of crypto is noteworthy as his social media site, Twitter, had spoken about the possibility of paying their workers in BTC. Square, his other company, had also bought $50 million worth of BTC last year which placed the firm as one of the earliest adopters of the asset before the influx of new institutional investors. Recently, he also set up a full-Node of digital currency on his Macbook, which means he now plays a part in verifying the Bitcoin blockchain.
Jay-Z and Dorsey to Support Crypto Industry with Their Bitcoin Trust
Authorities in India are proposing a bill that would lead to the total ban of cryptocurrencies in the country. According to the bill, all forms of crypto transactions are banned with reports emerging that the bill could be passed as early as March.
The second most populous country in the world has had a negative disposition towards crypto assets as the country had earlier banned the coins for close to two years before the ban was lifted by the Supreme Court. This new attempt to outlaw crypto means that crypto enthusiasts in the country would face a herculean task to carry out crypto-related activities and transactions in the Asian country.
In Africa, the story is not totally different. The central bank of Nigeria, for example, recently directed all financial institutions in the country to stop offering their services for crypto transactions. The bank also threatened severe sanctions for any institution that does not enforce this regulation. However, legislators in the country have summoned the chief of the apex bank to defend this new regulatory proposal.
South Africa, on the other hand, is also beginning to look to regulate the crypto industry because of the growing interest in the sector plus the possibility of using these assets for fraudulent activities.
Previous attempts by the South African authorities to regulate the industry was unsuccessful. But since the market has recently gone wild especially with the proliferation of fraudulent crypto schemes, the country is now looking to renew its efforts.
The crypto industry in Africa and India is still nascent as the countries are just beginning to come to terms with what this new technological advancement means for their financial industry.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
