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Jan 27 • 9 tweets • 7 min read
💰 #Crypto could be revolutionising the way we pay.

🚨 But is it doing more harm than good?

🇸🇻 While nations like El Salvador are embracing crypto like #Bitcoin, others such as Russia are starting to crack down.

Here’s why countries and authorities are sounding the alarm. 🧵
1️⃣Crypto could weaken the economy

@IMFNews has urged El Salvador to drop #Bitcoin as a legal tender, citing "large risks".

🇵🇰Pakistan's central bank argues cryptocurrency trading could mean more money flowing out of the country.

news.trust.org/item/202201260…
2️⃣ Citizens may need more protections

🇸🇬 Singapore's @MAS_sg has deemed crypto "highly risky and not suitable for the general public".

☪️ In Indonesia, top clerics say that paying using crypto is unlawful in Islam, because they carry elements of uncertainty and harm.
3️⃣ Currencies need more regulation

🇮🇳India's PM @NarendraModi is calling to regulate crypto so they don’t fall into "wrong hands".

🇦🇺 Australia is also creating a framework which will allow the purchase and sale of assets in a regulated environment.

news.trust.org/item/202201260…
4️⃣ Worsening climate change

⚡️ Mining crypto guzzles energy and fuels carbon emissions.

💡 Several countries, including Iran and Kosovo, have suffered blackouts and power shortages in recent months, and authorities are blaming it on the practice.

news.trust.org/item/202201260…
5️⃣ Crypto could fuel crime

🇷🇺 Russia - the world's third-largest player in bitcoin mining - argues that cryptocurrencies can be used in money laundering or to finance terrorism.

⭕️ Other nations like China, India and Turkey have raised similar concerns.

news.trust.org/item/202201260…
🔴 The risks aren’t stopping #crypto supporters around the world.

🇸🇻 When the @IMFNews urgent El Salvador to ditch #Bitcoin, president @NayibBukele fired back with a meme, making it clear he had no intention to remove the coin as legal tender.

Which #crypto risk are you most concerned about?
⭕️ Which countries are clamping down on #cryptocurrencies? Read @RinaChandran’s full factbox. 👇

news.trust.org/item/202201260…

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More from @TRF_Stories

Thomson Reuters Foundation News Profile picture
Jan 25
🇦🇫 Five months since the Taliban seized power, Afghan companies are battling to stay afloat.

📉 International sanctions and curbs against the hardline Islamist group are fuelling a deepening economic crisis.

⭕️ Here's how businesses in the country have been affected. 👇 ImageImage
1️⃣ Dynamic Vision

⭕️ Dynamic Vision was one of the country's top infrastructure companies.

It had more than 300 projects, some 1,200 employees and an annual turnover of $10 million.

⛔️ But the Taliban takeover meant millions stuck in unpaid dues and limited cash. Image
🤝 Now, Dynamic Vision has shifted from infrastructure to humanitarian work.

🇺🇳 It's currently doing research for the @UNmigration.

💼 CEO @AbdulEhsanMohma warns that unless jobs are created, the poor will suffer the most. Image
Read 8 tweets
Thomson Reuters Foundation News Profile picture
Jan 18
📈 The #NFT market has exploded over the past year.

💰 Sales soared past $24.9 billion in 2021, according to market tracker @DappRadar.

⚠️ But more artists are sounding the alarm over thieves stealing their digital work.

⭕️ How big is the industry's fraud problem? 🧵
1️⃣ What are NFTs?

🖥 NFTs represent a digital item like an image or video.

⚡️ They're usually bought with #crypto and transactions are recorded on a blockchain.

📱 On some marketplaces, anyone can create and sell NFTs, without showing proof of ownership of the original image.
2️⃣ Who is embracing them?

✨ More celebrities are joining the craze like rapper @SnoopDogg who unveiled his first collection in 2021.

🦧 TV host @JimmyFallon bought @BoredApeYC NFTs while actress @ReeseW voiced her support for more women in NFT spaces.
Read 11 tweets
Thomson Reuters Foundation News Profile picture
Jan 17
💰 A new billionaire has emerged every 26 hours since the pandemic began.

📈 According to @Oxfam, the world's richest people including @ElonMusk and @JeffBezos have seen their fortunes soar.

🌎 So what has COVID-19 meant for inequality?

⭕️ Here are 4 facts you need to know. 🧵
1️⃣ The rich got richer...

⭕️ The 10 wealthiest men earned $1.3bn a day during the pandemic.

They own more than the world's poorest 3.1bn people combined.

💰 The increase in @JeffBezos’ fortune alone could pay for everyone on earth to be safely vaccinated, says @Oxfam.
2️⃣ The poor became poorer...

🏚More than 160m people have been pushed into poverty. Inequality between nations is set to rise for the first time in a generation.

⭕️Yet wealthy countries are recovering faster from COVID-19 and output could return to pre-pandemic levels by 2023.
Read 7 tweets
Thomson Reuters Foundation News Profile picture
Dec 22, 2021
🤯 Did you know the global metaverse market could hit nearly $42 billion globally by 2026?

🌎 From tech giants to pop stars and entire cities, more are racing to embrace these virtual worlds.

Here are 5 major players emerging in the metaverse. 🧵 ImageImageImage
🏗 The builders

Firms like @Meta and @Microsoft are doing the groundwork to build the metaverse and develop the tech underpinning it.

🎮 They’re joined by video game platform @Roblox which said it aims to help users create their own vast virtual places. news.trust.org/item/202112211… ImageImage
👗 The designers

👟 @Nike bought virtual sneaker company RTFKT and built a new digital world "NIKELAND".

@BALENCIAGA teamed up with #Fortnite to bring the brand’s clothing and 'fit sets' into the game.

@VANS_66 has even created a virtual skateboarding playground for fans. 🛹 ImageImageImage
Read 8 tweets
Thomson Reuters Foundation News Profile picture
Dec 7, 2021
🇺🇸 In the U.S., a new war is emerging in classrooms.

🚫 Texas recently banned teaching critical race theory, an academic concept examining how race and racism has shaped society in America.

But it’s not the only state outlawing CRT. Here's what's happening across the nation. 🧵
🔴 Texas

💬 @GovAbbott's Senate Bill 3 came into effect last week. The measure says teachers can't discuss how one race is "inherently superior" or that someone is responsible for past actions of their race.

Students should also not feel "distress on account of... race or sex.”
🔴 Arizona

🚫 In June, a similar law was signed by governor @DougDucey banning teachers from “instruction that presents any form of blame or judgment on the basis of race, ethnicity, or sex.”

Schools that violate HB 2898 face a fine of up to $5,000. news.trust.org/item/202110011…
Read 9 tweets
Thomson Reuters Foundation News Profile picture
Dec 6, 2021
♀️ How much does it cost to 'become a virgin' in Egypt?

🇪🇬 For some women, surgery to repair torn hymens can cost thousands.

⭕️ That's why more brides are turning to cheaper ways to 'prove' virginity and avoid being shamed - or even killed.

But this can also lead to tragedy.🧵
♀️ Hymens can be damaged through sports or car accidents.

🇪🇬 But in some conservative societies, an 'intact' hymen is still seen as confirming virginity.

♀️ For women getting married in rural Egypt, 'proving’ they haven't had sex can be the difference between life and death.
🇪🇬A torn hymen can lead to shaming by relatives or future in-laws.

♀️ In worst cases, it can motivate so-called ‘honour killings’.

⭕️ A hymenoplasty is often seen as the best procedure - but access is difficult and healthcare services are limited.
news.trust.org/item/202112052…
Read 9 tweets

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