There was no mention of Bitcoin in Facebook's announcement about Libra, the company's forthcoming digital currency, or the white paper explaining how it will work. However, it was cited in the accompanying technical documents as both a reference point and an example of what Libra will not be.
Nevertheless, a debt is owed to Bitcoin’s enigmatic creator Satoshi Nakamoto, whoever he, she or they may be. The Bitcoin concept was built on the progress of digital payments. These systems date all the way back to the 1980s, but the strides made in the past decade have been truly groundbreaking. It will be interesting to see if Libra will be too.
Amid all the hype, Bitcoin has proven that there is a growing appetite for a financial system devoid of middlemen and monolithic institutions. It has also helped, via the asset bubble created around it in 2017, to heighten awareness of digital currencies and of what they can do for us. Accordingly, they are now being taken seriously by banks, governments and investors.
The World Economic Forum estimates that more than 40 central banks are experimenting with blockchain technology, including digital currencies.
Facebook’s plans could trigger a digital currency arms race. Until now, the leaders had been the Ethereum platform and, potentially, China, which has been deeply involved in exploring the possibilities of cryptocurrency. However, there has been little pressure to take anything mainstream just yet.
Facebook is developing not just its own currency but also the blockchain to transact it on, plus a new programming language for the development of related apps. Libra will also not just be contained to Facebook-owned platforms, such as WhatsApp or Instagram, it will also be accepted on an array of third-party apps.
Given the wide-ranging implications of these plans, others in the digital and cryptocurrency space will be forced to step up their efforts. According to Sheila Warren, head of blockchain and distributed ledger technology at the World Economic Forum, Facebook’s international brand recognition and its 2.3 billion global users will push the technology firmly into our everyday lives.
Facebook has also partnered with corporate giants, including MasterCard, Visa, PayPal and Uber. It is clear that Libra is, at least initially, a US-dominated effort to create a stable digital currency. However, along with leading Silicon Valley investors, the founding Libra Association does include a sprinkling of European members.
Many questions – practical, philosophical and otherwise – remain to be answered. Foremost is how regulators will respond to a corporation attempting to mint its own coin, as opposed to a sovereign state. People such as Bernard von NotHaus, creator of the Liberty dollar, have been prosecuted in the US for similar ideas. Another blank that needs filling in is which assets will be purchased by the association, in order to back Libra.
The members of the Libra Association will control the system and are funding its development. The aim is to decentralise Libra in five years’ time, so that, like Bitcoin, no one controls the blockchain running it.
Facebook also hopes that its system – unlike Bitcoin – will be less energy-intensive, and faster and cheaper to use.
There is much altruistic emphasis in the Libra mission statement, but make no mistake, there is also an overarching self-interest. That is not a judgement of Facebook or its partners and it does not change what Libra could bring to the world. It is, however, important to bear that fact in mind. For example, Facebook relies on advertising for almost all of its revenue.
Given the current scepticism around the platform and big tech in general, this is a precarious position for the business. Branching out into payments and FinTech is a smart move for Facebook. In the first quarter of this year, China’s Tencent tech conglomerate earned more than $3 billion from its FinTech unit, which includes the mobile payments service WeChat, and has shown 44-per-cent growth, year on year.
As all of the issues surrounding Facebook’s entrance into the financial sphere are chewed over in the coming months, and as we learn more about Libra, ahead of its 2020 launch, the real winner will hopefully be the consumer – but perhaps not in the way the company intends.
Now that Facebook has raised them so prominently, people are likely to become more aware of the realities and shortcomings of the broader financial system. With this knowledge, they will be better able to choose wisely when it comes to how they manage their money, taking into account a variety of factors, including cost, privacy and ease of use.
Institutions and governments will need to deliver much higher levels of service and transparency, in order to meet these new standards. If they don’t, it won’t just be Facebook that is eager to get in on the digital currency revolution.
Mustafa Alrawi is an assistant editor-in-chief at The National
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Company%20Profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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)
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
