Jack Dorsey gives USD 5 million to support UBI

Jack Dorsey, executive director of Twitter and the mobile payment platform Square, will donate US$5 million to Humanity Forward, a group created by former presidential candidate Andrew Yang, which supports crypto currencies, as part of both entrepreneurs‘ efforts to establish a universal basic income (UBI) for Americans.

Dorsey announced the plan on Yang’s podcast, Yang Speaks, May 21, while discussing the future of technology. Dorsey told Yang that UBI was „way behind,“ saying that „the only way we can change policy is by experimenting and showing case studies of why this works.

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In a statement to Rolling Stone, Yang said Humanity Forward would use Dorsey’s donation to distribute $250 in cash to thousands of people who have experienced financial hardship during the current crisis facing the United States, in which many have lost their jobs and cannot pay their bills.

Distribute UBI

Although the type of UBI proposed by Yang during his failed presidential campaign is considered a long-term strategy for all Americans, it resembles the implementation of the $1,200 one-time stimulus payments issued by the federal government to help businesses and individuals affected by the closures caused by the pandemic.

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For many Americans, cash was deposited into their bank accounts in April, while others in the U.S. and living abroad saw physical checks arrive in May. Four million people will soon receive prepaid debit cards in the mail.

However, there are still many problems with the 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.

Crypto-currencies and UBI… a match made in heaven?

Yang has already shown that he supports crypto-currencies and blockchain in addition to his core UBI platform. Humanity Forward has given away almost $2 million to help those facing problems due to COVID-19.

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

Cointelegraph reported May 20 that the nonprofit initiative known as GoodDollar launched a digital UBI wallet in early May to begin delivering capital using blockchain technology.

The nonprofit Hedge for Humanity, the team behind dropped 40 percent / user funds lost / released a statement / senate banking committee hearing / review of the technical documentation / be backed by / revive another effort / refused to acknowledge / bitcoin and ethereum / the stellar blockchain, is currently working on a UBI test so that any asset — cash, stocks, bonds or even crypt coins — can be used to deliver a basic income to those in need. The group will initiate a drawing that will allow people to enter for the chance to win a one-year UBI paid monthly as $100 in Bitcoin (BTC), Ethereum (ETH) or Dai (DAI).