According to the latest reports, the CEO of Twitter, Jack Dorsey has revealed that they are working on the development of blind trust for Bitcoin (BTC). The Twitter CEO has revealed that the blind trust for bitcoin (BTC) will be worth 500 BTC. At the time of publishing, 500 BTC translates to a total of $23.9 million.
The reports also suggest that Jay-Z would also be part of the team that will be working for the launch of the blind trust of bitcoin (BTC). It has been confirmed that for now, the teams, alongside Jay-Z are working on the projects in Africa and India.
The announcement regarding the creation of the blind trust for Bitcoin (BTC) was made by Dorsey on February 12, 2021. He also stated that they need 3 board members in order to keep the project on track and keep it running. They stated that they need these 3 members to oversee the creation and launch of the blind trust in the early stages.
Dorsey also confirmed that the blind bitcoin trust has been dubbed as BTrust. Furthermore, the application form that has been posted by the BTrust management clearly defines the mission statement of the project. The mission statement made by the platform suggests that BTrust aims to make Bitcoin (BTC) the main currency for the internet.
The Twitter CEO, Jack Dorsey, broke the news right after Indian regulatory authorities announced that they were planning to completely ban cryptocurrencies. If the decision goes in the favor of the Reserve Bank of India (RBI), the country with the second largest population in the world would soon be deprived of dealing in cryptocurrencies.
It has been revealed by the Indian regulators that the users with cryptocurrencies in their possession would have a time period of 3 to 6 months to liquidate all their holdings in cryptocurrencies. The information has been shared by an unknown source but the news seems to be authentic.
It was back on February 10, 2021, when the news started rotating that Jack Dorsey had donated $1 million to Coin Center. Coin Center is a non-profit organization that is based in Washington D.C. and the firm has also received donations from other firms.
The reports emerged that Grayscale, which is currently the largest crypto-asset management firm, also donated $2 million to Coin Center.
In the past couple of years, Jack Dorsey has turned out to be one of the proponents of cryptocurrencies, especially Bitcoin (BTC). Right at the beginning of the current week, Dorsey Tweeted a picture of him setting up a full node for Bitcoin (BTC) through his Macbook. This goes on to prove that Dorsey is now one of the members that are responsible for verifying the blockchain for bitcoin (BTC).