The President of the United States loves Bitcoin. Donald Trump says that the cryptocurrency – invented by the mysterious Satoshi Nakamoto in 2008 – will be included in a strategic reserve of digital assets that his administration plans to create.
Bitcoin has been the most well-known and, at times highly controversial, digital asset, while the true identity of the person or persons behind Satoshi Nakamoto remains inconclusive.
Its origins are related to how, with the advent of the World Wide Web, it became easy to create digital information and, with the increasing volume of it, just as straightforward to replicate and copy all of it. The internet held the promise of easy and direct commerce between individuals. But to enable this, a problem to be solved was how to ensure rightful and legal ownership of something digital. Without a solution, a huge obstacle to the expansion of the digital economy would remain.
But just as the physical financial system went into meltdown following the failure of Lehman Brothers bank, a whitepaper Nakamoto authored was published online. It proposed Bitcoin as an incentive for ordinary people to run a system of digital payments that would not need a trusted third party – for instance, a bank – to process and handle the transactions.
Using their computer power, participants in the Bitcoin system race to solve a puzzle to verify each block in a chain of transactions. The first one to do so receives some Bitcoin as a reward for their efforts and also to compensate for any cost, including electricity. With millions of computers working to build the Bitcoin blockchain – each transaction visible to all – it would be too difficult to overpower the system and alter a transaction fraudulently. Working successfully, you would then no longer need an institution or government to guarantee anything.
It was a vision for a future financial system defined by radical transparency and equality. But since then, Bitcoin has developed supporters and detractors of matching ferocity. Its backers hold on to it for dear life through volatility and scandals, while those who oppose them fear its use by criminal networks and challenge its utility and value.
The order banned the use of any digital asset backed by other large economies trialling their use as they explore ways to reduce global dependence on the US dollar
During his election campaign last year, Mr Trump vowed to begin a new, benign era for crypto.
In January, he used his authority to issue an order “to promote United States leadership in digital assets and financial technology while protecting economic liberty”. The order highlighted how “the digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our nation’s international leadership”. Most significantly, this was linked to “promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide”.
It also pledged “measures to protect Americans from the risks of Central Bank Digital Currencies [CBDCs], which threaten the stability of the financial system, individual privacy, and the sovereignty of the United States, including by prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States”. Thus, the order banned the use of any digital asset backed by other large economies – such as China, India, Russia, Japan and the EU – that are trialling their use as they explore ways to reduce global dependence on the US dollar.
Over the past year, a consensus has formed that de-dollarisation is an unstoppable force. According to the Atlantic Council’s Dollar Dominance Monitor, “The US dollar has served as the world’s leading reserve currency since World War II. Today, the dollar represents 58 per cent of foreign reserve holdings worldwide. The euro, the second-most-used currency, accounts for only 20 per cent of foreign reserve holdings".
But the report also pointed out that in recent years – particularly since Russia’s full-scale invasion of Ukraine and the G7’s subsequent escalation in the use of financial sanctions – a number of countries have signalled their intention to accelerate efforts to diversify away from dollars.
Mr Trump has threatened these efforts, including with 100 per cent tariffs on goods from any country pursuing de-dollarisation. Simultaneously, he is closing the door on any chance of the growth of digital assets becoming a Trojan Horse to replace the dollar by championing cryptocurrencies that are unaffiliated to other nations.
“A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the [previous Joe] Biden administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL and ADA,” Mr Trump added, referring to the cryptocurrencies being added to the reserve. “I will make sure the US is the Crypto Capital of the World. We are making America great again!”
Mr Trump posted on social media last weekend before following up with another one: “Obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”
Critics of the move point to conflicts of interest and also the danger of creating a bubble in these assets.
According to Yanis Varoufakis, an economist and the former finance minister of Greece, in order to accomplish his economic goals Mr Trump needs the seemingly contradictory outcomes of a weaker dollar to spur American exports, while maintaining its power as the dominant currency, which gives him political leverage over rival nations. In other words, he needs large economies to reduce their dollar holdings for the currency to be weakened, but also not seek to supplant it with another fiat currency.
By promoting Bitcoin, Ethereum and other cryptocurrencies, the US President ensures that his country’s rivals are even further constrained from challenging its financial dominance through this emerging technology.
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
The five pillars of Islam
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
Chris%20Jordan%20on%20Sanchit
%3Cp%3EChris%20Jordan%20insists%20Sanchit%20Sharma%20will%20make%20an%20impact%20on%20the%20ILT20%2C%20despite%20him%20starting%20the%20campaign%20on%20Gulf%20Giants'%20bench.%3Cbr%3EThe%20young%20UAE%20seamer%20was%20an%20instant%20success%20for%20the%20side%20last%20season%2C%20and%20remained%20part%20of%20the%20XI%20as%20they%20claimed%20the%20title.%3Cbr%3EHe%20has%20yet%20to%20feature%20this%20term%20as%20the%20Giants%20have%20preferred%20Aayan%20Khan%20and%20Usman%20Khan%20as%20their%20two%20UAE%20players%20so%20far.%3Cbr%3EHowever%2C%20England%20quick%20Jordan%20is%20sure%20his%20young%20colleague%20will%20have%20a%20role%20to%20play%20at%20some%20point.%3Cbr%3E%22Me%20and%20Sanchit%20have%20a%20great%20relationship%20from%20last%20season%2C%22%20Jordan%20said.%3Cbr%3E%22Whenever%20I%20am%20working%20with%20more%20inexperienced%20guys%2C%20I%20take%20pleasure%20in%20sharing%20as%20much%20as%20possible.%3Cbr%3E%22I%20know%20what%20it%20was%20like%20when%20I%20was%20younger%20and%20learning%20off%20senior%20players.%3Cbr%3E%22Last%20season%20Sanchit%20kick-started%20our%20season%20in%20Abu%20Dhabi%20with%20a%20brilliant%20man-of-the-match%20performance.%3Cbr%3E%22Coming%20into%20this%20one%2C%20I%20have%20seen%20a%20lot%20of%20improvement.%20The%20focus%20he%20is%20showing%20will%20only%20stand%20him%20in%20good%20stead.%22%3C%2Fp%3E%0A
Killing of Qassem Suleimani
MEYDAN%20RACECARD
%3Cp%3E%3Cstrong%3E6pm%20%3C%2Fstrong%3EArabian%20Adventures%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(Dirt)%201%2C200m%0D%3Cbr%3E%3Cstrong%3E6.35pm%20%3C%2Fstrong%3EEmirates%20Sky%20Cargo%20%E2%80%93%20Handicap%20(TB)%2087%2C500%20(D)%202%2C000m%0D%3Cbr%3E%3Cstrong%3E7.10pm%20%3C%2Fstrong%3EEmirates%20Holiday%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E7.45pm%20%3C%2Fstrong%3EEmirates%20Skywards%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3E8.20pm%3C%2Fstrong%3E%20Emirates%20Airline%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E8.55pm%20%3C%2Fstrong%3EEmirates%20Airline%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C900m%0D%3Cbr%3E%3Cstrong%3E9.30pm%20%3C%2Fstrong%3EEmirates.com%20%E2%80%93%20Handicap%20(TB_%20Dh87%2C500%20(D)%201%2C200m%3C%2Fp%3E%0A
Zayed Sustainability Prize
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Killing of Qassem Suleimani
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
More from Neighbourhood Watch:
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Sour%20Grapes
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EZakaria%20Tamer%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESyracuse%20University%20Press%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E176%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
More on Quran memorisation:
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The five pillars of Islam
More on Quran memorisation:
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
More on animal trafficking
More from Neighbourhood Watch
More from Neighbourhood Watch:
Killing of Qassem Suleimani
