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Jack Dorsey spends $ 5 million to support UBI

May 22, 2020

Jack Dorsey, CEO of Twitter and the Square Mobile Payment Platform, will donate USD 5 million to Humanity Forward, a group founded by former presidential candidate Andrew Yang, who supports cryptocurrencies, as part of both entrepreneurs’ efforts to create a universal basic income (UBI) for Americans.

Dorsey announced the plan in Yang’s podcast Yang Speaks on May 21 while discussing the future of technology. Dorsey told Yang that the UBI was “far behind” and said “the only way we can change politics is to experiment and show case studies of why this works.”

In a statement about Rolling Stone, Yang said Humanity Forward would use Dorsey’s donation to distribute $ 250 in cash to thousands of people who had financial difficulties during the current US crisis.where many have lost their jobs and cannot pay their bills.

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Jack Dorsey spends $ 5 million to support UBI
Jack Dorsey spends $ 5 million to support UBI

Even if the type of UBI suggested by Yang during its failed presidential campaign, it was seen as a long-term strategy for all Americans, is similar to the launch of the federal government’s one-time stimulus payments of $ 1,200 to help businesses and individuals affected by pandemic closures.

For many Americans, cash was deposited into their bank accounts in April, for others in the US When I lived abroad, physical checks arrived in May. Four million people will soon receive prepaid debit cards in the mail.

However, there are still many problems with current models, as people report that they cannot confirm the status of their payment on the IRS website or simply have not received the checks.

Cryptocurrencies and UBI … a coincidence in heaven?

Yang has already shown that he supports cryptocurrencies and blockchain in addition to his core UBI platform. Humanity Forward has donated nearly $ 2 million to help those facing problems with COVID-19.

However, other groups seem to be leading when it comes to a blockchain-based system that can deliver the UBI safely and quickly to all Americans.

Cointelegraph reported on May 20 that The GoodDollar nonprofit launched a digital UBI wallet in early May to provide capital using blockchain technology.

The non-profit Hedge for Humanity, the team behind Cryptocurrency Maná, is currently working on a UBI test so that all assets – cash, stocks, bonds or even cryptocurrencies – can be used to generate a basic income for the needy. The group will launch a giveaway that will allow people to sign up for the chance to win a $ 100 monthly monthly UBI in Bitcoin (BTC), Ethereum (ETH), or Dai (DAI).

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