In 1977, when an alliance of anti-government parties kicked off a protest movement against alleged fraud in the elections, the then prime minister Zulfikar Ali Bhutto made a television address in which he thumped the chair he was sitting on and declared, “Ye kursi bohat mazboot hai [This chair is very strong].” A few days later, a furniture brand known for its chairs, Chairman, released a press ad with the caption, “Humari kursi sab se mazboot hai [Our chair is the strongest].” That one press ad put the brand smack dab in the middle of a political discourse that was raging at the time. Some understood the ad as mocking Bhutto, while others believed it was supporting him. The brand was doing neither. It was simply trying to gain some relevance during a time when a majority of Pakistanis were split into two camps and politics was all they were talking about. Uncannily, Chairman did something that was ahead of its time. There is now enough evidence that in today’s polarised societies, consumer brands and their a...
Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings. Brazil has ended its tax exemption for small-scale crypto profits, introducing a 17.5% flat rate on all capital gains from digital assets. The new rule was announced under Provisional Measure 1303 as part of the government’s push to raise revenue through financial market taxation. Until now, Brazilian residents who sold up to 35,000 Brazilian reals (roughly $6,300) in crypto assets per month were exempt from income tax. Gains beyond that were taxed progressively, starting at 15% and reaching as high as 22.5% for volumes above 30 million Brazilian reals. The new flat rate, which went into effect starting June 12, removes all exemptions and applies equally to all investors regardless of the size of their transactions, according to a report by local news outlet Portal do Bitcoin. Read more
The CEO of Circle, which recently debuted on the New York Stock Exchange, predicts it won’t be long before stablecoins reach the level of developer attraction that the iPhone achieved. While stablecoins have yet to attract developers at the same scale as Apple’s iPhone, stablecoin issuer Circle CEO Jeremy Allaire suggests that breakthrough moment isn’t far off. “We are not quite yet at the iPhone moment when developers everywhere realize the power and opportunity of programmable digital dollars on the internet in the same way they saw the unlock of programmable mobile devices. Soon,” Allaire said in a post on Saturday. “The highest utility form of money ever created,” he added. Read more