Roger Ver, chief executive of Bitcoin.com, speaking on a video call at the Fantom Abu Dhabi Developer Conference on Tuesday. Khushnum Bhandari / The National
Roger Ver, chief executive of Bitcoin.com, speaking on a video call at the Fantom Abu Dhabi Developer Conference on Tuesday. Khushnum Bhandari / The National
Roger Ver, chief executive of Bitcoin.com, speaking on a video call at the Fantom Abu Dhabi Developer Conference on Tuesday. Khushnum Bhandari / The National
Roger Ver, chief executive of Bitcoin.com, speaking on a video call at the Fantom Abu Dhabi Developer Conference on Tuesday. Khushnum Bhandari / The National

Decentralised finance can increase economic freedom, Bitcoin.com chief says


Alvin R Cabral
  • English
  • Arabic

Decentralised finance (DeFi) could be the most effective way to increase economic freedom, which in turn would accelerate the pace of innovation and improve the lives of billions of people, Bitcoin.com's chief executive has said.

DeFi – a system by which financial products become available on a public decentralised blockchain network – is open for anyone to use, rather than going through middlemen like banks or brokerages, and does not require proof of identity.

Adopting this can lead to a more inclusive economy, including promoting the ease of doing business, free trade with other nations, regulation of the labour force and stability of currencies.

"A decentralised and permission-less everything is the most effective way to help economic freedom. In places with more economic freedom, people have a higher standard of living and are happier," Roger Ver said at the Fantom Developer Conference in Abu Dhabi on Tuesday.

Evangelists of DeFi argue that it is a safer way of maintaining assets and conducting transactions, and it has been seen as a scenario of a world without banks.

The DeFi market owns only 5 per cent of the cryptocurrency space, but is growing. CoinGecko data shows that there was $93 billion worth of DeFi assets as of June 2021. As of Tuesday, it was up 66 per cent at $154.9bn.

However, Changpeng Zhao, the chief executive of the world's largest crypto exchange Binance, recently said that cryptocurrency regulatory frameworks could take "decades" to implement.

Guests at the Abu Dhabi Developer Conference on Tuesday. Khushnum Bhandari / The National
Guests at the Abu Dhabi Developer Conference on Tuesday. Khushnum Bhandari / The National

The International Monetary Fund, along with governments and other global organisations, said it is looking at both the risks and opportunities that digital currencies pose.

Countries with a higher standard of economic freedom enjoy several advantages, including a flexible market structure that attracts more investment, higher per-capita income, life expectancy and literacy, improved environmental protection, fewer wars and conflicts, higher self-reported happiness and less corruption and bribery.

In Heritage.org's 2021 Index of Economic Freedom, Singapore is ranked first with the UAE in 14th position. In a recent Brand Finance report, the Emirates came ahead of the US and UK as one of the "world's strongest nation brands".

The UAE offers its people more control and has a good track record. It is on track, if it hasn't been already, to be among the Tier-1 cities to lead humankind in the future
Roger Ver,
chief executive of Bitcoin.com

Starting a business would also be easier with DeFi, but Mr Ver advised to do it in a country that is "welcoming and friendly" to this sector, such as the UAE, which he says, has "rolled out the red carpet" for players in the space.

"The UAE offers its people more control and has a good track record. It is on track, if it hasn't been already, to be among the Tier-1 cities to lead humankind in the future," he said.

DeFi also offers higher returns, with interests "north of 10 per cent" compared to traditional lenders, he said. "I'm crypto-agnostic; anything that works for me is good so let's all work together towards more economic freedom."

Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Sonchiriya

Director: Abhishek Chaubey

Producer: RSVP Movies, Azure Entertainment

Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey

Rating: 3/5

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  • Option 2: 50% across three years
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Platform: Android 11

Audio: Stereo speakers, 2 mics

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Price: Dh849

Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins

Selected fixtures

All times UAE

Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm

Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm

Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm

Sunday
Poland v Italy 10.45pm

Monday
Spain v England 10.45pm

Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.

The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.

All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.

No person who has received refuge in Poland will be sent back to a country torn by war.

 

 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Champion%20v%20Champion%20(PFL%20v%20Bellator)
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Abaya trends

The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

Updated: October 28, 2021, 10:31 AM