Mumbai: Jack Dorsey, Chief Executive Officer of Twitter Inc., founded ₿trust, a foundation to fund Bitcoin development in India and Africa. Shawn Corey Carter, also known as Jay-Z, accompanies him. The trust will have no binding instruction from you.

“JAY-Z / @ S_C_ and I are giving 500 BTC to a new trust called” Trust “to fund #bitcoin development that originally focused on teams in Africa and India,” Dorsey tweeted. “We need 3 board members to start:”

JAY-Z / @ S_C_ and I are giving 500 BTC to a new foundation called ₿trust to fund #bitcoin development. First, let’s focus on… https://t.co/qsrkBMuNnv

– jack (@jack) 1613111632000

Dorsey’s foray into Bitcoin development in India comes at a time when the Indian government is trying to introduce its own “public” cryptocurrency and banning “private” ones. Last month, the center announced that it would launch cryptocurrency and the regulation of the official digital currency law (2021) in the ongoing budget meeting. The crypto bill is set to pave the way for the Reserve Bank of India to introduce the digital rupee in the country.

At this point, China is already testing a version of its digital yuan.

According to experts, the current bill could remove the confusion about trading in digital money, which is currently neither banned nor legalized in India. The RBI banned regulated companies such as banks from trading on crypto exchanges in 2018. However, the Supreme Court overturned this move in March 2020 and lifted restrictions on trading cryptocurrencies through banking channels.