Jack Dorsey studied the effects of Universal Basic Income powered by Bitcoin, the CEO of Block discussed the matter with Aarika Rhodes.
Dorsey said that people are financially put off by the vagueness of information. It has compelled them to turn negative in the financial behavior that doesn’t help them, their family, or their community.
Jack Dorsey pointed to a dearth of transparency existing within the present centralized system of finance. He said that if there was anything particular that should be subjected to intense focus in Bitcoin, it had a transparent operation, and both the policy and its code were transparent.
Jack Dorsey firmly believes that BTC’s base foundation can potentially help solve multiple problems on the ground that it utilizes direct currency, through multiple business initiatives like Start Small, Jack Dorsey has put in more than $55M in experiments on Universal Basic Income in the US and also other nations.
Jack Dorsey Disclosed That Tests Are Being Conducted On Concepts Similar To UBI Even With Bitcoin
Jack Dorsey’s UBI experiment powered by Bitcoin (BTC) will include the creation of closed-loop merchants and sellers community on a small scale, adhering to the standards of BTC.
Dorsey aims to identify cases for implementation on a wide scale based on the willingness to participate and the happiness quotient.
Rhodes, the American Congressional candidate, and Bitcoin advocate is a strong believer that the involvement of BTC can reduce banking fees costs. She says that things like the Lightning network can enable banking transactions to be done at cheaper rates.
Jack Dorsey is similarly aware of the possibilities of negative impacts. He emphasized the inefficient policies of governments, and also how UBI can contribute to addressing the challenges. He had recently said that Facebook should have gone in for a Bitcoin-like open-ended protocol and not attempt Diem, their own currency.
Dorsey also opined that if Bitcoin becomes more accessible, a lot of Facebook’s VoIP services and instant messaging such as Instagram, FB Messenger, and WhatsApp, would benefit.