In simple terms, inflation is a general increase in prices and a subsequent fall in the purchasing power of money.
Even modest inflation is a difficult situation for any country and its people to tackle, especially when wage growth is not keeping pace with rising prices. However, hyperinflation, which occurs when inflation exceeds 50 per cent, is devastating for citizens of affected countries.
Like a war or a terrorist attack in a distant land, hyperinflation is often seen as a vague and obscure threat. While we wince at the thought of it, watch with morbid curiosity as it unfolds and feel empathy for those suffering, we remain relatively indifferent to the threat of hyperinflation until it reaches our doorstep.
But hyperinflation has been steadily gaining momentum in developing countries for decades. In these places, rapid currency devaluation has led to political instability.
Many citizens in these countries have turned to cryptocurrency as a lifeline for the purchase of essential goods, to store wealth or to protect their purchasing power.
Cryptocurrency brings stability
Venezuela has recorded uninterrupted inflation rates between a modest 6.3 per cent and a mind-boggling 130,060.2 per cent over the past 40 years.
More recently, it has gone through one of the world’s most prolonged bouts of hyperinflation, which lasted four years, driven by socioeconomic and political issues.
The socialist government, led by President Nicolas Maduro, only recently stopped printing money after the widespread adoption of the US dollar as the preferred currency.
Reactive cryptocurrency adoption has been ubiquitous in Venezuela since its inflationary meltdown.
Cryptocurrency is now seen by many observers as the saviour of the Venezuelan economy, as it allows people to engage in peer-to-peer trading and to use it as a form of payment.
The government has even created the Decentralised Stock Exchange of Venezuela, where fiat currencies and digital assets can be traded.
Uncertainty holds the high throne during an economic crisis, especially in a country such as Lebanon, where inflation has paralysed the economy and is now running at 210 per cent.
Trust in the Lebanese pound has vanished. As citizens turned to the US dollar as an alternative, banks started increasing the exchange rate between the greenback and the Lebanese pound.
This directive led to many Lebanese — from politicians to media personalities to taxi drivers — to stash their savings in digital money to shield themselves from currency depreciation.
For the Lebanese, digital currencies are now even more tangible than the US dollar in their bank accounts.
Most transactions taking place in Lebanon’s cryptocurrency communities are between a few hundred and a few thousand dollars’ worth of stablecoins such as USDT and USDC, the value of which hovers at about $1 per unit.
These digital dollars can be traded for other cryptocurrencies such as Bitcoin or Ether.
Cryptocurrencies — in pictures
Digital assets embraced as fiat falls
The adoption of cryptocurrency has proven to be a lifeline in developing economies, where rapidly devaluing currencies and political instability have offered citizens few options.
In these places, the attraction of an entirely decentralised financial system untethered to a government or the economy is clear.
People in these regions have gained more control over their money through the use of cryptocurrency, while access to capital has become easier.
Cryptocurrency and decentralised finance specifically do not have the same high barriers to entry that plague the traditional financial system. Anyone with an internet connection is able to participate.
Financial inclusion has long been one of the hard sells of cryptocurrency and today, we see that coming to fruition in developing countries around the world.
This does not mean that cryptocurrency is the answer to all economic woes, however.
Compared to stable currencies such as the US dollar, euro, British pound and Japanese yen, even US dollar-backed stablecoins present a high level of risk. This makes cryptocurrency less attractive inside stable economies.
But what cryptocurrencies and blockchain technology offer any economy is a level of objectivity — and this will become increasingly attractive, even in developed countries.
Cryptocurrency is politically agnostic. It allows the citizen of any country to participate in finance and preserve and grow their wealth, and it even allows them to make basic purchases through card payment providers and peer-to-peer systems.
We are, no doubt, in a period of growing pains for this nascent asset class. However, its possibilities and potential benefits are becoming more evident, while usage is growing every day.
Stefan Rust is the founder of Laguna Labs, a blockchain development house, and former chief executive of bitcoin.com
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
FA Cup semi-finals
Saturday: Manchester United v Tottenham Hotspur, 8.15pm (UAE)
Sunday: Chelsea v Southampton, 6pm (UAE)
Matches on Bein Sports
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Lecce v SPAL (6pm)
Bologna v Genoa (9pm)
Atlanta v Roma (11.45pm)
Sunday
Udinese v Hellas Verona (3.30pm)
Juventus v Brescia (6pm)
Sampdoria v Fiorentina (6pm)
Sassuolo v Parma (6pm)
Cagliari v Napoli (9pm)
Lazio v Inter Milan (11.45pm)
Monday
AC Milan v Torino (11.45pm)
The%20Beekeeper
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDavid%20Ayer%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EJason%20Statham%2C%20Josh%20Hutcherson%2C%20Emmy%20Raver-Lampman%2C%20Minnie%20Driver%2C%20Jeremy%20Irons%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
MATCH INFO
Inter Milan v Juventus
Saturday, 10.45pm (UAE)
Watch the match on BeIN Sports
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
The years Ramadan fell in May
Mohammed bin Zayed Majlis
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
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