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Dominic Raab’s select committee grilling served many functions.

It allowed some MPs to performatively beat up the foreign secretary over his holiday for the purposes of Twitter and Facebook clicks. It allowed others to press individual and tragic cases about Afghans left behind to try to get them out.

It poured over whether it was wise to allow different Whitehall departments to oversee different types of Afghan evacuee. It shed light on intelligence failings – the “central assessment” was that Kabul would not fall this year – but allowed Mr Raab to highlight the judgement comes from a body independent of ministers and was shared by NATO allies.

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UK thought Kabul would not fall in 2021

It is still unclear whether the UK end was beset by problems of raw intelligence, the analysis by officials or the politicians’ interpretation.

However the reason the Afghanistan issue really matters, beyond the timeline of who did what when, is because it speaks to a big unknown – what does Global Britain, post Brexit and now post the US role as the world’s policeman – actually mean.

Gathered together, Mr Raab’s thoughts were revealing and an important statement – he rejected the comparison with the Suez crisis made by Tory committee chairman Tom Tugendhat, who referred to the 1956 debacle where Britain’s footprint in the world shrunk.

However Mr Raab offered clues as to his own views.

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He said that it was clear that no coalition could have been formed to keep Kabul airport open without the US, something Defence Secretary Ben Wallace had wanted to try.

More importantly Mr Raab also appeared to reject the theory and practice of liberal interventionism.

He said there was a “bigger question around nation building” – adding he was “not saying we shouldn’t want to promote liberal democracy but reconciling ends with means (is important)”.

He concluded: “As we look at the 20 year period, it’s an important question to ask ourselves.”

You can hear the cogs grinding in Whitehall at such a dramatic change.

At points successive prime ministers have talked up the idealism of nation building. Helping the people of Afghanistan has been the implicit and explicit goal of UK policy there ever since the assassination of Osama bin Laden.

It was barely five years ago when another foreign secretary championed the theory of Afghan intervention vehemently and with certainty.

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In December 2016 they said: “In sticking up for a liberal international order in the confusion and discord of the early 21st century, I believe this country is overwhelmingly a force for the good with the potential to do even more and we should not be nervous of saying so.”

A world away from today. Yet that foreign secretary was Boris Johnson.

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Bitcoin Policy Institute reps sound alarm on de minimis tax exclusion

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Bitcoin Policy Institute reps sound alarm on de minimis tax exclusion

Representatives of the Bitcoin Policy Institute (BPI), a nonprofit Bitcoin advocacy organization, warned that US lawmakers have not included a de minimis tax exemption for Bitcoin transactions below a certain threshold.

“De Minimis tax legislation may be limited to only stablecoins, leaving everyday Bitcoin transactions without an exemption,” Conner Brown, BPI’s head of strategy, said on X, adding that the decision to exclude Bitcoin (BTC) is a “severe mistake.”

In July, Wyoming Senator Cynthia Lummis introduced a bill proposing a de minimis tax exemption for crypto transactions of $300 or less, with a $5,000 annual limit on tax-free transactions and sales.

The bill proposal also included tax exemptions for digital assets used for charitable donations and tax deferment for crypto earned through mining proof-of-work (PoW) protocols or staking to secure blockchain networks.

Allowing a tax exemption for small Bitcoin transactions would increase its use as a medium of exchange rather than just as a store of value asset, allowing a new financial system built on a Bitcoin standard, BTC advocates say.

Bitcoin Regulation, Cash
Source: Conner Brown

The discussion around de minimis tax exemptions has also raised questions about whether such relief should apply to stablecoins, which are designed to maintain a stable value.

“Why would you even need a De Minimis tax exemption for stablecoins,” Marty Bent, founder of media company Truth for The Commoner (TFTC), wrote on X. “They don’t change in value. This is nonsensical.”

Cointelegraph reached out to BPI about the proposed legislation, but had not received a response at time of publication. 

Related: Japan’s new crypto tax could wake ‘sleeping giant’ of retail investors

Bitcoin is gaining value, but it isn’t being used as peer-to-peer electronic cash

The Bitcoin white paper, authored by its pseudonymous creator Satoshi Nakamoto in 2019, describes Bitcoin as a “peer-to-peer electronic cash system.”

However, relatively high transaction fees, average block times of about 10 minutes, and capital gains taxes on Bitcoin stifle BTC’s use as a payment method for goods and services.

Many Bitcoin investors choose to hold BTC for the long term, sometimes borrowing fiat currency against their BTC holdings to pay expenses and fund everyday purchases.

Bitcoin Regulation, Cash
The Bitcoin white paper was published by Satoshi Nakamoto in 2009. Source: Satoshi Nakamoto Institute

The Bitcoin Lightning Network is a second-layer protocol designed for BTC payments, which works by locking a specific amount of BTC in a payment channel between two or more people.

Users connected through a payment channel can conduct multiple transactions offchain, with only the final net balance recorded on the Bitcoin ledger for settlement once the channel is closed.

This makes Bitcoin transactions faster and cheaper, as the users in the payment channel do not have to wait for new blocks to be mined or pay a network fee for each transaction between parties in the channel.

Magazine: The one thing these 6 global crypto hubs all have in common…