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Month: July 2021

How is Team Monaco faring at the Olympics?

by: Stephanie Horsman
27/07/2021

The Tokyo Olympic Games are in full swing, and Monaco’s competitors have already started on their quests. Here is the latest on where they stand.
Monaco’s participation in the Olympic Games stretches back just over 100 years, when they first participated in the 1920 Games in Antwerp. Since then, the country has had a presence every time, putting forth athletes in various fields according to their specialities. This year’s games are no exception and the athletes have been giving it their all.
On a disappointing front, judo fighter Cédric Bessi was defeated in the second round by Mongolian Tsogtbaatar Tsend-Ochir, who went on to win the bronze in the sport. This was after a stunning victory in the first round against Burkino Faso’s Lucas Diallo.
Swimmer Claudia Verdino saw her Olympic hopes end early as she was disqualified in the second round of the 100m breaststroke competition. She was sanctioned, via underwater video, for an irregular butterfly kick.
“I’m definitely disappointed, I’m quite incredulous and I have a lot of bitterness,” said the 20-year-old, who otherwise swam well and clocked in at 1’14’’79.
Another heartbreak was for table tennis whiz Xiaoxin Yang, who lost to second ranked Chinese player Tingsha Sun in the third round of play.
Despite the end for these athletes, there are still two more who have yet to compete. On Friday, 18-year-old Charlotte Afriat will hit the track in the women’s 100m. Her race is scheduled for between 4:40am and 5:28am local time (CET) and she hopes to surpass her previous best time of 12”27 set last June.
“For me, 12’’40 or below would be great and would reward her for the hard work she has done all year,” said her trainer Frédéric Choquart.
Finally, Monaco’s youngest delegate, 16-year-old Théo Druenne, will also compete on Friday, swimming in the first round of the 1,500m freestyle. He will be in the number 2 lane, and will be up against Salvadorian Marcelo Acosta, Aflah Prawira from Indonesia, Ireland’s Daniel Wiffen and Marwan Aly Elkamash of Egypt. His race will take place at 12:41pm.
Michel Pou, his trainer, is optimistic of his chances, stating, “There will be hardly any opponents of his level in this event because few swimmers benefiting from universality swim from the middle distance.”
 
 
 
Photo by Photo Manuel Vitali, Government Communication Department
 
 
 

Compulsory masks as cases in young people soar

by: Cassandra Tanti
26/07/2021

Mandatory masks outdoors, mayor’s ban on music overruled, soaring Covid cases among 20-year-olds… what’s happening in the neighbouring Alpes-Maritimes department? 
Just two months after the rule was lifted, the Prefect of the Alpes-Maritimes on Sunday announced that masks must now be worn outdoors until at least 16th August. This applies at all covered and open-air markets, public roads, car parks, and events. People at the beach, in a park, or undertaking a sports activity are not required to wear a mask.
Meanwhile, Prefect of the Alpes-Maritimes Bernard Gonzalez overruled a ban by Mayor of Nice Christian Estrosi of all amplified and live music on terraces and beaches from Sunday, saying in a statement that the prohibition order “does not concern the festivities organised at the initiative of public authorities, nor the cafes, bars and restaurants and their terraces, where health protocols apply.” Estrosi was also forced on the weekend to backtrack on mandatory Covid-testing and health passes for children in holiday centres.
It comes as the incidence rate continues to sky rocket in the French region, particularly among 20 to 29 year olds. The prefect has also banned the consumption of alcohol in public places.
The aim is to curb the “extremely worrying” incidence rate in the French region, where the Delta variant now accounts for 91% of cases. The incidence rate has reached as high as 459 per 100,000 inhabitants on Monday 26th July, while the positivity rate among those being tested for Covid is 6.5%.
According to Covid-tracker, the incidence rate among 20-29 years olds in the region is a staggering 1,866, while all age groups are seeing a rise in circulation.
 
 

“We’re looking for evolution, not revolution”

by: Cassandra Tanti
26/07/2021

During his recent trip to Monaco, we caught up with crypto titan Brock Pierce who gave us his expert insight into the future of Bitcoin, why it is great for clean energy, and how cryptocurrencies are changing the world, for the better.
While we were all trying to figure out dial-up internet in the early 2000s, Brock Pierce was building one of the world’s largest virtual-asset trading companies, Internet Gaming Entertainment, and employing hundreds of thousands of people to play videogames like World of Warcraft to win virtual prizes that he could sell for real money.
The American entrepreneur, philanthropist, and former actor went on to fund dozens of crypto companies, including Mastercoin, Blockchain Capital and Tether, and was listed in Forbes’ first ever list of the richest people in cryptocurrency in 2018.
Monaco Life: It has been a crazy few months in the crypto world. How are you feeling about it all?
Brock Pierce: I am just generally grateful, I enjoy the ride – the highs, the lows, it’s all part of the adventure.
You are considered the Ambassador of Bitcoin. Why is that?
In 2013, 2014, and 2015 I spent a lot of time educating government on digital assets, then I stopped because I thought there were many others doing it. When I ran for president of the United States of America last year I was talking to a lot of legislators on a state and federal basis, and I learned in almost every one of those meetings that no one has talked to them about what is going on here. No one had bothered to meet them and explain anything. So, I have gotten back into the education of government and that’s not just been on a state and federal basis, but also international.
You recently led the first official delegation to El Salvador, which approved the adoption of Bitcoin as its legal currency. What does that mean for the country and others?
The main drivers for El Salvador are financial inclusion, because 70% of the population doesn’t have access to banking or financial tools. Around 4.5 billion people on the planet aren’t or are under-banked – that’s two-thirds of planet, particularly in the developing world. So, this open banking system can address that quickly.
The government in El Salvador is giving 30 dollars worth of Bitcoin to every citizen, so you are going to see the entire nation have a Bitcoin wallet in a matter of months. This is a very big deal. There is an enormous amount of interest amongst developing nations to potentially follow suit. What El Salvador is doing might create a chain reaction, and everyone is looking at what happens in El Salvador. If it all goes well, the dominos will fall. But it is already creating direct foreign investment in the country.
What other opportunities does this create?
There are a few of us that are looking to fund the building of the next power plants in El Salvador, geothermals, where we take a volcano and basically build a very advanced energy infrastructure to produce highly abundant, low-cost clean energy. That’s going to come from foreign investment, and our intention is to finance that.
These developing nations are starting to see the benefits of opening up to innovation; they’re saying “We want to be part of the future”, in the same way that Dubai and Singapore did 50 years ago. When you have visionary leadership and a government that wants to be part of the future, you attract intellectual capital and social capital, because the best and the brightest are looking to do things.
Generally, most governments are in the way of their own progress, and our hands are tied. But if we actually see a visionary leader who says “Build a future here”, there are a lot of us who know how to do it and want to do it.
It all sounds quite revolutionary…
We are not looking for revolution, we’re looking for evolution. It’s about creating a world where the old and the new win together. That’s where the public and private sectors start to work together harmoniously. The El Salvador government is not going away, it’s just figuring out how to serve the people more effectively. In the 21st century, we have a lot of challenges, but we have a lot of solutions as well, and innovation is the answer to most of our problems. 
But what about the fact that Bitcoin mining uses an enormous amount of energy?
Thank god for the energy problem. Seriously, Satoshi’s second gift is that we are going to create the world’s clean energy. (Editor’s note: Satoshi Nakamoto is the name used by the presumed person or persons who developed Bitcoin.) We are the reason it is going to happen; we are the primary driver. We used to light our lamps with whale blubber, so why did we upgrade our energy grid? Because we needed a lot of energy. It is the consumption that forces change. And it’s not just Bitcoin, it is all computing, all AI (artificial intelligence) – all advanced computing consumes a lot of energy.
So how do you feel about China pulling the plug on Bitcoin mining and trading in the country?
It is the best thing for the rest of the world. China had a leading advantage, now everyone’s got a shot. Because of China, everything has sped up. China is driving tens of billions of dollars into energy infrastructure immediately. Which is great.
Right now, Bitcoin miners are the primary drivers of upgrading America’s energy grid. That’s what we are doing in El Salvador, and the same thing is happening in the US. We are also going to be financing a lot of the fabs (semi-conductor fabrication plants), we’re the main driver of this and we move faster than anyone else.
And all this is happening right now.
What about the massive 55% correction that Bitcoin saw after it hit the all-time high of 64k in April?
What an incredible event that was – the fact that we had a 50% drop and the system didn’t break. Any other system that this has ever happened to has had to be bailed out by a government. It shows that this system can take that kind of plunge, and it won’t break. Sure, you saw a temporary loss in value on a balance sheet, but the system didn’t skip a beat.
But it showed how volatile Bitcoin is, and that’s why governments are now stepping in to warn investors…
Yes, and we want informed people. I will never give a speech encouraging anyone to invest in anything, I only encourage you to invest in yourself. If you haven’t brought Bitcoin, go buy $20 or $100 worth – something inconsequential. Assume that you are going to lose your first Bitcoin, so it is better to start small, and the earlier you start, in many ways the better off you are.
Think of it not as an investment, but that you are paying for your un-education. Then, through your own understanding and knowledge, you can make informed decisions for yourself. There is a learning curve, you learn through the process of doing.
Once you get comfortable and you understand what’s going on, take a look at your own portfolio and decide what’s right for you, taking into account how old you are and your income versus investable assets. You also have to consider what your level of conviction is. How much do you believe?
So, would your advice be to simply hodl? (Editors note: ‘hodl’ is ‘hold’ in the crypto world)
I do, I don’t trade. Markets go up and down, and unless you are a professional trader, I generally advise against it. I know so many people who sold Bitcoin when it was at $200 to buy in lower, and when Bitcoin went to $10,000, they sold wanting to buy back in at $5,000, but it just kept going up. So, unless you’re a trader, I would say in general “hold”. You can always take some portion if you want to learn how to trade, but don’t take the whole principal. Trading is a practice, and I don’t like the emotional rollercoaster. I am a builder, not a trader, and I support people building things.
Are we in a bear market, or are Bitcoin and alt coins going to skyrocket this year?
I am not sure whether we are in a bear market or not, there are so many compelling data sets right now that I think we can see a fairly rapid recovery. This may be a short-term down market, just look at the rate of institutional adoption, government adoption, what’s going on in China… it is probably just a really good buying opportunity, and I think there is a very good chance we will see a rapid recovery.
Where do you see the year 2021 ending out?
Higher than we are now.
Reaching 3X?
$100,000 Bitcoin next year? It is certainly possible. And when we get to $100,000 Bitcoin, about half or maybe a majority of all the world’s billionaires will have made their money from Bitcoin and cryptocurrency. Think about that for a minute.
Well it is clear that crypto is making millionaires in an entirely new way…
Yes, it is democratised opportunity – opportunity that is available to everyone. The wealth is spread out all over the world, and because people didn’t make it over the course of generations or decades, a lot of them are more willing to invest in things that are needed in the world, to give it to charity. This is the greatest wealth transfer in the history of the world – we are putting money into the hands of younger people who are ready to do the work, at a time when god knows we need.
Will there be mass adoption of crypto assets in the years to come?
It is already happening. There are as many as 300 million people now – this is very real and we are currently in the full phase of adoption.
What about banks creating their own digital currencies? What role will they play in the future?
Government-issued currencies are not going away, it’s like what is happening in El Salvador. Think of it like this. You have your checking account, which is your government issued money that you pay bills with, etc, and you have your savings account – Bitcoin, an asset that is deflationary or appreciates in value over time. We are already used to this, except banks don’t pay you anything in your savings account, so we probably shouldn’t use banks for saving. They’re not very good at that.
Tell us something we don’t know that is going to useful in the future?
Stablecoin-based lending (Editors note: a stablecoin is a digital currency that is pegged to a “stable” reserve asset like the U.S. dollar) is paying out three to 10% interest. Now that is a proper savings account. Is it sustainable? Absolutely. Because as a lender, you are lending directly to a borrower; you are not paying for the retail bank space, the employees, the profit margins, the compliance, etc. The banks generate the same rates, they just keep the majority of it. Instead, you can have access to the full yield, the full potential of your money. It is a pretty amazing thing. Bitcoin aside, your digital dollar accounts are paying out three to 10%, and this is relevant to everyone. Again, go out and learn, because whether the Bitcoin thing appeals to you, whether you get it or not, this should appeal to anyone who has savings of any sort.
Do you think Monaco should capitalise on the crypto “evolution”?
I would hope that Prince Albert does what El Salvador did and makes Bitcoin legal tender in Monaco. If they did that, the Principality would be booming. You would have the biggest Chinese gamblers coming to the Casino. Monaco used to be a place that attracted tremendous wealth – it still does – but not like it used to because the world has changed. Monaco is so well situated, there is the brand of Monaco, banking licenses… there are so many things that Monaco could be doing to benefit greatly from all that’s happening.
 
 

Controversial health pass extension approved

by: Stephanie Horsman
26/07/2021

Despite nationwide protests, the French government has passed a divisive law that requires health care workers to be vaccinated and health passes to access restaurants, public transportation and other public sites.
More than 160,000 people took to the streets across France on Saturday, including in Nice, holding up signs saying “For Freedom” and “Rights and liberty in danger”. Many say they take issue on the mandate, not the vaccines themselves.
Regardless, President Emmanuel Macron’s government approved the law in the early hours of Monday morning, mandating Covid-19 vaccines for health care workers, to protect hospitals and avoid another lockdown.
The law also sets up a health pass for everyone in order to access restaurants and other public venues, as well as planes and trains.
The law has some concessions, namely that the dates have been pushed back to allow time for people to get their jabs.
Health care workers must get their first vaccination by 15th September or risk being suspended. This includes those who work in hospitals and with the elderly, as well as firefighters.
The August date remains for widespread use of the health pass, which must be presented by the adult public to enter restaurants, cafes, fairs, exhibitions, medical establishments and to use public modes of transport. By 30th September, this will extend to everyone 12 years of age and older.
Parliament will vote on whether to renew the mandate on 15th November.
To get the pass, people must prove they are recently fully recovered from the virus, have been double jabbed, or have a negative PCR test less than 48 hours old. Both digital and paper documents will be accepted.
For visitors to France, the government will soon release an outline of how to process health passes from other countries.
Another concession in the law is how it will be policed. Criminal sanctions will no longer be applied to establishments who fail to check health passports. Instead of a fine of up to €15,000 and a one-year imprisonment, there will now be civil sanctions including the closure of the venue.
Meanwhile, employees of venues that require a health pass cannot be dismissed if they refuse to be vaccinated or regularly tested, but will instead be asked to take annual leave and then unpaid leave, while remaining an employee of the company.
The legislation still needs to be approved by France’s highest administrative authority, the Constitutional Council, before becoming law.
 
READ MORE:
Monaco: Stricter Covid rules to come into play from Saturday
 
 
Photo by Monaco Life
 
 

Henry Rodriguez Herrera exhibit at the YCM

by: monacoadmin
26/07/2021

The Yacht Club of Monaco is hosting the works of vibrant Colombian artist Henry Rodriguez Herrera at its gallery this month.
Henry Rodriguez Herrera gets inspiration for his bold, graphic pieces not only from his real-life experiences in his native Bogota, where colour and life abound, but also from yesteryear, where Greek myth and culture permeate his works.
He asks his audience to travel with him, to other places, to other times and invites them to be part of the stories he tells.
Now, he is telling his story with his exhibition ‘From Myth to Reality’ at the Yacht Club of Monaco Gallery until 15th August.
Herrera started his career at El Malpensante magazine in Bogota, honing his craft and making a name for himself, often getting commissions for large architectural projects in large American cities such as New York City and Philadelphia.
His interesting style, mixed with the use of recycled materials such as metal sheets, concrete slabs and old doors make him popular with the avant-garde, whilst his refined magazine work earns him kudos from the mainstream.
After meeting his wife, he made the decision to move to France where they set up their workshop and pop-up gallery La Galeria in Le Cannet.
For the Yacht Club exhibition, the paintings from his Argonautes series were selected. The works are meant to represent the current health crisis “where we were masked and where we lived in a world that was unknown to us. The huge objects hanging over the heads of the characters are now levitating, symbolising the disappearance of an evil that weighed so heavily on us.”
Female figures also dominate this series, with a colourful Persephone, goddess of spring and queen of the underworld offering hope of rejuvenation, and Penelope waiting for her Ulysses to join her on a speedboat.
To see the depth of Herrera’s works in person, visit the Showroom IQOS at the Yacht Club until 15th August.
 
 
 

New Rally Monte-Carlo format entirely Monaco-based

by: Stephanie Horsman
26/07/2021

It has been announced that the 90th edition of the Rally Monte-Carlo will be hosted exclusively in Monaco for the first time since 2006.
The opening round of the FIA World Rally Championship’s exciting new hybrid era at 2022 Rally Monte-Carlo will have a new format for its 90th edition, with the Automobile Club of Monaco hosting several special stages that have not been driven for many years, eliminating the Gap leg and making the entire event more Monaco-based.
Running from 20th to 23rd January, a full 95% of the route will be different. There will be an emphasis on reliability and there will be no mid-leg service offered during the four days. Another feature is that, after leaving the morning service, work on cars must be done exclusively by crew members, using tools carried in the vehicle.
Thursday night sees the opening of the event in Casino Square, before participants head into the Alpes-Maritimes mountains for the Col De Turini segment, exciting as it is done in total darkness.
Luceram-Lantosque and La Bollène-Vésubie-Moulinet, which crosses the Turini and is the longest test of the event at 23.52km, add up to 38.83km of action.
The longest legs will be on Friday and Saturday and will have only one tyre-fitting zone between two loops of the stages. Friday is a gruelling 118.88km two loop, three stage event in the Mercantour. Saturday’s leg is 94.10 km going from Le Fugeret-Thorame-Haute then onto a double loop of the new Saint-Jeannet-Malijai leg before the Saint-Geniez-Thoard leg, which features the often icy climb up to the Col de Fontbelle. A tyre change in Digne-les-Bains provides the only break.
Sunday’s finale is in four stages running from the north-west of the Alpes-Maritimes and totalling 67.52km. The new La Penne-Collongues and Briançonnet-Entrevaux legs are repeated, with the latter forming the Wolf Power Stage before the Casino Square finishing ceremony, where the drivers will have completed 17 total stages covering 319.33 km.
 
 
 
Photo by Maxime Agnelli on Unsplash