Donald Trump is promising to make America the “crypto capital of the planet” if he returns to the White House.

While he runs for president, Trump has launched a new venture to trade cryptocurrencies – promoting them on the same social media accounts that he uses for his campaign.

His two eldest sons, Donald Jr. and Eric, are also posting about their new platform, called World Liberty Financial.

So, too, is his daughter-in-law, Lara Trump, who is married to Eric and also serves as co-chair of the Republican National Committee.

Trump has long melded his political and business interests, promoting his hotels and golf courses in the White House while selling sneakers, Bibles and shares in his social media company during his current campaign.

Now, Trump has launched a new moneymaking venture that could explode in value if he’s elected.

What’s more, presidential power could allow him to push through legislative and regulatory changes long sought by crypto advocates.

“Taking a pro-crypto stance is not necessarily troubling; the troubling aspect is doing it while starting a way to personally benefit from it,” said Jordan Libowitz, a spokesperson for the government watchdog group Citizens for Responsibility and Ethics in Washington.

“The success of this could be very tied to American economic policy,” Libowitz said.

Trump has changed his tune

Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system.

They are commonly traded on exchanges, which are marketplaces that can be used to buy, sell and trade cryptocurrencies.

Exchanges often charge fees for withdrawals of Bitcoin and other currencies.

World Liberty Financial – linked to Trump – is expected to be a borrowing and lending service similar to recently hacked Dough Finance, an app built by four people listed as World Liberty Financial team members, according to crypto news site CoinDesk.

Many details about World Liberty Financial, including what stake Trump and his family members have in it, are still unknown.

After Lara Trump posted Tuesday on her X account about “our goal at World Liberty”, her husband, Eric Trump, posted online that Lara and his sister, Tiffany, had been hacked.

During his time in the White House, Trump said he was “not a fan” of cryptocurrency and tweeted in 2019: “Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity.”

Trump has since, however, changed his tune and taken on a more favourable view of cryptocurrencies.

In May, he announced that his presidential campaign would begin accepting donations in cryptocurrency as part of an effort to build a “crypto army” leading up to Election Day.

The former president also attended a bitcoin conference in Nashville this year, where he promised to make the US the “crypto capital of the planet”.

Influence on monetary policy

If elected again, Trump has talked about exerting more control over monetary policy, suggesting he would press the Federal Reserve to set lower interest rates.

He is also promoting decentralised finance, or “DeFi,” which is a general term for using public blockchain space to disrupt the traditional finance world.

Trump has also talked about subsidising the use of Bitcoin mining in order to increase energy production and has vowed to block the creation of a Federal Reserve-administered Central Bank Digital Currency.

This is a digital form of central bank money that would be available to the public.

Appealing to the crypto voter base

Embracing cryptocurrency could be another way for the Trump campaign to reach younger men, including by engaging with conservative influencers.

Crypto also appeals to Trump allies who are concerned about government influence over global markets and worry generally about the reach of the so-called “deep state”.

Dustin Stockton, a pro-Trump activist turned crypto influencer, said he is supportive of the former president’s endeavours in the crypto space and the upcoming launch of World Liberty Financial.

“The Trump family’s engagement and involvement, and learning what it is that underlies crypto, I think is actually a really positive thing,” he said.

Stockton points to the Biden administration as anti-crypto, citing SEC head Gary Gensler’s pursuit of firms like Coinbase and Binance.

A conflict of interest?

While the White House issued an executive order on digital assets in 2022, no substantive laws have been passed by Congress or written into regulation by the White House.

Stockton said the lack of clarity of written rules by the Biden administration, as well as the SEC’s heavy-handed enforcement on crypto firms through a series of lawsuits, indicates that “there’s no clarity and there’s selective and arbitrary enforcement of regulations”.

“Frankly, I’d like to see all members of government get a better understanding of what this is,” he said.

J.W. Verret, a professor at George Mason University’s law school, said Trump would not be in violation of the law by launching a new project and promoting policies that would benefit it.

“I don’t see any problem with someone, anyone in government who owns assets or who starts a business – in fact, I think it’s hard for someone to regulate a particular type of business unless they work in that business,” he said.

Credit: Euronews except headline

Telecommunication workers under the aegis of Private Telecommunications and Communications Senior Staff Association (PTECSSAN) have issued a seven-day indefinite strike notice, effective September 9, to 39 companies including Huawei Technologies Nigeria Limited over what they describe as prevalent precarious working conditions.

PTECSSAN gave the notice in a statement signed by Mr Okonu Abdullahi, its general secretary.

Other companies, it is sued notice to, are Tylium Nigeria Ltd; Specific Tool and Techniques; Safari Group Ltd. among others.

Abdullahi said the strike had become necessary following alleged anti-labour practices including the refusal of the employers to recognise and respect the workers’ constitutional rights to freely associate with the union.

He alleged also that three members of the union were unjustly sacked. He said: “We shall not be suspending the planned indefinite strike action until our demands, which are as follows, are met:

“Immediate reinstatement of the three unjustly sacked workers: Sotola Sunday Kolawole, Ulu Ikechukwu Christopher and Alex Franklin C.”

“Immediate recognition of the fundamental right of the employees to freely associate with the union, “ he said.

According to the general secretary, other demands include immediate recognition of the union as the negotiating body for the employees on workers welfare.

He said also that the union was demanding the immediate remittance of membership dues into its account as earlier provided among others.

“We hope that these companies will utilise the seven-day window of this notice to meet our demands and avert the indefinite strike action,” Abdullahi said

Hotspot Network Limited, a leading telecom tower operator has collaborated with Solarkiosk Solutions GmbH, a provider of off-grid solar energy across Africa.

The partnership is expected to to boost energy access and connectivity in rural areas of Nigeria.

The two companies have announced a joint venture to revolutionize the energy and communication infrastructure in underserved regions of the country.

The collaboration aims to deliver innovative technological solutions to increase solar energy availability and enhance internet connectivity in rural Nigeria. Initially, the joint venture will focus on powering Hotspot’s existing telecom tower network with solar energy.

The partnership will also involve deploying Solarkiosk’s E-HUBB technology, which utilizes solar power to provide essential goods and services to off-grid communities.

Thomas Rieger, CEO of Solarkiosk Solutions GmbH, expressed excitement about the partnership, stating, “We are thrilled about this joint venture with Hotspot, uniting two mission-aligned companies with proven track records. This collaboration will combine connectivity and essential services, transforming rural Nigeria and driving economic empowerment in off-grid communities.”

Morenikeji Aniye, CEO of Hotspot Network Limited, added, “This joint venture is the culmination of years of work on sustainable rural ecosystems, integrating ICT and energy access. It aims to enhance income, gender participation, and skills, marking a significant step in improving the socio-economic conditions of rural Nigeria.”