Jack Dorsey Supports UBI with $5 million. Can Crypto be used to distribute it?

Jack Dorsey is to partner with Andrew Yang, a major supporter of the UBI, through his establishment known as Humanity Forward.

Jack Dorsey is the CEO of Twitter and Square mobile payment solution. He appears to have the same interest with his friend, Andrew Young, in promoting the well being of Americans by facilitating the Universal Basic Income.

Dorsey revealed this plan on May 21. His intention was made clearer when he told Yang in his podcast that UBI should have kicked off a long time ago. He said: “the only way that we can change policy is by experimenting and showing case studies of why this works.”

While speaking to Rolling Stone, Yang acknowledged Jack’s pledge and said it would be distributed as palliatives to those who have been faced with challenges recently. He expects that thousands of people will get $250 each.

Distribution of UBI so far

Yang had earlier promised Americans of UBI in his presidential campaign but what he presented was more like a long term palliative. It looks like the $1,200 distributed by the federal government during the lockdown caused by the Covid-19 pandemic.

Several Americans got the money in their bank accounts while others, especially those not residing in the US, got bank checks. Another way the federal government’s palliative was distributed was through prepaid debit cards.

However, there may be some adjustments with the way Yang will distribute it this time because some people are yet to get their own checks and confirm their payment status on the IRS website.

Crypto and UBI, a perfect match

Yang has said several times that he is in love with blockchain and cryptocurrencies. During the lock down period, he has already distributed palliatives worth about $2 million.

Some people are of the opinion that in the future, UBI should be sent via crypto wallets to facilitate the process and make sure everyone concerned gets theirs. 

A good example of the proponent of blockchain technology for the distribution of UBI is GoodDollar. GoodDollar has started a digital UBI wallet that can be used for this purpose.

Another group in support of this and currently working out something is Nonprofit Hedge for Humanity. They are the ones that started the cryptocurrency known as Manna. They are designing a platform that can be used to distribute not just cash but also stocks, bonds and crypto. Their first UBI distribution will be determined by a raffle draw. Lucky winners will get $100 monthly for one year in BTC, ETH or DAI.

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