World Economy

All Stories

How nonfungible tokens work and where they get their value – a cryptocurrency expert explains NFTs

An attorney friend recently asked me out of the blue about nonfungible tokens, or NFTs. What prompted his interest was the sale of a collage composed of 5,000 digital pieces, auctioned by Christie’s on March 11, 2021, for a remarkable US$69 million. Mike Winkelmann, an artist known as Beeple, created this piece of digital art, made an NFT of it and offered it for sale. The bidding started at $100, and the rest of the auctioning process transformed it into a historical event.

How nonfungible tokens work and where they get their value – a cryptocurrency expert explains NFTs

Bitcoin: UK banks are getting tough on crypto, but money-laundering rules are the real problem

NatWest, the UK retail bank, has announced it will not engage with business customers who accept payment in bitcoin or other cryptocurrencies. It follows recent announcements from HSBC that it won’t allow transfers from digital wallets and won’t enable customers to buy shares in companies associated with cryptocurrencies, such as Coinbase or MicroStrategy.

Bitcoin: UK banks are getting tough on crypto, but money-laundering rules are the real problem

Bitcoin: what Elon Musk’s U-turn on Tesla payments means for future of crypto

Tesla’s relationship with cryptocurrencies has been a stop-start rollercoaster. In February, the electric vehicle manufacturer announced it had purchased US$1.5 billion (£1.1 billion) of bitcoin and planned to accept the cryptocurrency in future as a means of payment from its customers. The price of the largest cryptocurrency surged that day from just over US$39,000 to US$46,000, on its way to an all-time high of almost US$65,000 in April – and a paper profit of well over US$1 billion for Tesla.

 Bitcoin: what Elon Musk’s U-turn on Tesla payments means for future of crypto

China’s digital currency could be the future of money – but does it threaten global stability?

China is making promising progress with testing its digital yuan currency. It has announced the success of a pilot in Suzhou City, near Shanghai in eastern China, where 181,000 consumers were given ¥55 (£6) of free money in digital wallets to spend at participating outlets in the Double Fifth shopping festival between May 1 and 5.

China’s digital currency could be the future of money – but does it threaten global stability?

G7 summit: UK is badly conflicted between offshore tax havens and Biden’s global tax drive

For four decades, there has been a global race to the bottom on multinational tax, with Britain and its network of tax havens at the heart of it. Multinationals have seen tax as a cost rather than paying states their due share of revenues to provide public services like transport, energy, laws and education, without which businesses could not operate with any degree of efficiency and reliability. But in today’s era of climate change and social responsibility, paying fair taxes is widely seen as a primary duty of corporations, not an expense or a choice.

G7 summit: UK is badly conflicted between offshore tax havens and Biden’s global tax drive
Image