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.
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
CREW
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
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:
MEYDAN CARD
6.30pm Maiden Dh165,000 (Dirt) 1,600m
7.05pm Conditions Dh240,000 (D) 1,600m
7.40pm Handicap Dh190,000 (D) 2,000m
8.15pm Handicap Dh170,000 (D) 2,200m
8.50pm The Entisar Listed Dh265,000 (D) 2,000m
9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m
10pm Handicap Dh185,000 (D) 1,400m
The National selections
6.30pm Majestic Thunder
7.05pm Commanding
7.40pm Mark Of Approval
8.15pm Mulfit
8.50pm Gronkowski
9.25pm Walking Thunder
10pm Midnight Sands
UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
More on Quran memorisation:
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
