UK’s Digital Tax Debate: Tough Choices for Trade and Growth

 

                                   Digital Services Tax, DST to avoid the US tariffs, 

Synopsis

The UK is mulling whether to keep or stop a special tax called the Digital Services Tax (DST). This tax makes big internet companies like Google, Facebook, and Amazon pay more money when they earn from UK users. The UK is worried because the US, led by President Trump, might put new trade tariffs on the UK if the tax stays. The UK must decide soon, keep the tax to get more money or remove it to stay friendly with the US.

Key Highlights

• The UK government is considering changing or removing its Digital Services Tax (DST)  to prevent new trade tariffs from the US.
• The DST currently imposes a 2% tax on revenue earned in the UK by major digital companies like Google, Amazon, and Meta (Facebook, Instagram).
• The UK is caught between maintaining tax revenue and avoiding trade conflicts with the US, which has opposed DST and hinted at retaliatory tariffs.
• DST has been a major source of income for the UK, expected to generate £800 million ($1 billion) this year, helping address budget challenges.
• UK Prime Minister Keir Starmer's administration must decide whether to prioritize financial gains from DST or maintain strong trade relations with the US.
• If DST remains and new tax rules start in April 2025, NRIs in the UK could face higher taxes on Indian income, including property rents, dividends, and stock sales.
• The UK plans to increase CGT rates in April 2025, affecting crypto and other investments, which could drive more investors into traditional stock markets.
• US tech giants like Alphabet (Google), Meta, and Amazon argue that DST unfairly targets their revenue and have strongly opposed it.
• Some Labour MPs believe big businesses should continue to pay DST, especially as the government faces pressure to avoid cutting welfare programs.
• The UK is ahead of European markets with its crypto-asset regulations, but higher taxation on digital assets could impact blockchain innovation and investor interest.

The UK is thinking about changing or removing its Digital Services Tax (DST) before April 2, 2025, to avoid new trade tariffs from the US. The DST taxes big tech companies like Google, Amazon, and Facebook. The government must now choose between keeping this tax to raise money or removing it to keep good relations with the US.

The goal is to stop possible US tariffs that were earlier warned about by former US President Donald Trump. Right now, this tax charges 2% on the money made in the UK by big tech companies like Alphabet (Google’s parent company), Meta (which owns Facebook), and Amazon. The UK is looking at different choices, such as reducing the tax or removing it fully.

The digital services tax started in April 2020 when the UK’s Conservative government was in power. It was made so that big online companies give the right amount of tax to the UK for the work they do with people in the UK. Now, the UK is trying to protect its tax policy but also wants to avoid a trade fight with the US.

The DST started in April 2020. It charges a 2% tax on the money earned in the UK by big digital companies like search engines, social media platforms, and online stores. The tax affects companies like Google, Facebook, Instagram, and Amazon.

The UK Treasury is looking at different ideas suggested by the Department for Business and Trade. So far, they have not planned to make special rules for individual companies.

These talks come after the US raised concerns about the DST while discussing a "new economic deal" between President Trump and UK Prime Minister Keir Starmer last month.

This year, the DST is expected to bring in about £800 million (around $1 billion). However, Chancellor of the Exchequer Rachel Reeves is struggling to manage the country’s budget. The UK must now decide: should they keep the tax for extra money or remove it to avoid tariffs from the US?

The DST has upset many US tech companies. These firms think it is unfair because it targets money earned from UK users. American companies like Alphabet (Google’s parent company), Meta (owner of Facebook and Instagram), and Amazon dislike this tax.

Another issue between the UK and the US was the Chagos Islands agreement. The UK plans to return control of these islands to Mauritius but will keep leasing the Diego Garcia island to the US for their joint military base. Trump seems to support this plan, saying he is "inclined to go along with it."

What is the DST?

The DST is a special tax on big digital companies that make more revenue from UK users. It charges 2% on revenue, not profits. In its first year, the DST collected about £360 million from companies like Amazon, Google, and Apple, more than what they paid in UK corporation tax.

The talks about changing the DST come as Trump looks at ways to apply "reciprocal" tariffs on countries like the UK. The US wants fair trade deals and is pushing back against taxes like the DST.

Why is this a tough choice?

Starmer’s government has a difficult decision. They could remove the DST to keep good trade relations with the US and avoid tariffs. But removing it would also lose millions in tax money, which the UK needs.

If the UK starts its new digital tax rules in April 2025, it could affect Indians and NRIs living in or moving to the UK.

Some Labour MPs are against scrapping the tax. They believe businesses and wealthy companies should contribute more, especially as the government faces pressure to avoid welfare cuts.

What will the UK do?

The UK government is set to raise Capital Gains Tax (CGT) rates Starting in April 2025, through which the basic rate will climb from 10% to 18%, and the higher rate will go from 20% to 24%. This will affect profits from selling stuff like cryptocurrency, treating it more like regular investments. If this crypto tax thing happens, it might push more people to join the stock market. That could mean more companies going public and even pulling in investors from other countries. However, some people are worried as they think taxing digital stuff too much could hurt new ideas in the blockchain world. The UK is already ahead of the European Markets markets with its Crypto-Assets (MiCA) rules, so leaders need to figure out how to keep investors safe without slowing down progress.

Here's a look at a glance of how this may affect them:

1. Higher Taxes on Indian Income

Currently, Indians and NRIs in the UK only pay taxes on Indian income (like rent, dividends, or capital gains) if that money is brought into the UK. But under the proposed system, after four years of living in the UK, NRIs will be taxed on their entire worldwide income—even if they don't transfer it to the UK.

This means:

• Income from property rents in India will now be taxed by the UK.
• Dividends earned from Indian companies will be taxed at higher UK rates.
• Earnings from Indian bank deposits or stock sales will also be taxed.

2. Much Higher Tax Rates

The UK’s tax rates are much higher than India’s. For example

• Dividends: UK may tax up to 40% vs. 10% in India.
• Rental income: UK could add up to 17% more tax compared to India.
• Other income (like interest or capital gains): an additional 5% tax burden.

3. Existing NRIs Also Affected

NRIs already living in the UK as "non-domiciled" individuals may still claim some tax relief, but only for a limited period (up to two more years, depending on how long they've been in the UK). After that, they too will be fully taxed on their global income.

4. Wealth and Inheritance Concerns

Indian families with significant assets or trusts outside the UK may need to restructure how they manage these assets. The new rules could also affect inheritance planning, as global wealth could fall under UK taxation after the fifth year of residency.

5. Planning for the Future

Some Indian families are reportedly reconsidering or delaying plans to migrate to the UK due to these expected changes. Others are consulting tax advisors to rethink their financial strategies and minimize tax liabilities.

In short, if the UK's digital tax and related tax overhaul are introduced, Indians and NRIs living in the UK could end up paying much higher taxes on income and assets they have in India. Careful planning and expert financial advice will be key for NRIs to adapt to these changes smoothly.

UNESCO Internship 2025: Know All About UNESCO Application Process, UNESCO Eligibility,

 

UNESCO Internship 2025: UNESCO Application Process, UNESCO Eligibility, 

Synopsis:

UNESCO has opened an Internship Programme, a learning opportunity for students. They invite applications for their 2025 Internship Programme. The Internship offers students and graduates an opportunity to gain hands-on experience in a multicultural environment. It allows participants to work in various fields, including Education, Culture, Natural Sciences, and more. The internship duration ranges from 30 days to six months, providing a valuable learning experience. 

Key Details

• The UNESCO internship offers young professionals and graduates an opportunity to gain hands-on experience in a multicultural environment. 

• From application steps to eligibility criteria and the selection process, the guidelines, as under, help you with everything the applicants need to know to apply before the last date.

• The Interns gain experience in areas like Education, Culture, Natural Sciences, Communication, and Social Sciences.

• Applications must be submitted online via UNESCO’s official website before December 31, 2025
• Interns must have mandatory health insurance, as UNESCO only provides limited accident insurance
• If selected, a UNESCO manager will contact the applicant directly within six months; otherwise, the application is considered unsuccessful.

How to Apply, Who Can Apply for the UNESCO Internship 2025?

UNESCO's  2025 Internship Programme is an excellent opportunity for recent graduates and students to gain valuable work experience in a global, multicultural setting.

If you recently completed your graduation or are pursuing a Ph.D or a master’s degree, you should not miss this golden opportunity to develop your skills and build your career through UNESCO.  

The applicants can apply directly through UNESCO's official website namely: https://careers.unesco.org.

What is the UNESCO Internship Programme?

The UNESCO Internship is a practical learning experience designed to prepare students with technical and academic knowledge.  

The program runs for a minimum of 30 days and can extend up to six months. 

Interns get the opportunity to work in fields like Communication, Social and Human Sciences, Culture, Education, Natural Sciences, and more.

Check Eligibility Criteria and Know Who Can Apply. 

To apply for the 2025 internship, an applicant  to  meet the following requirements:

• Currently enrolled in or recently graduated from a Master’s, PhD, or equivalent second-level university degree.
• Proficient in English or French, both spoken and written.
• Familiar with computer systems and software.
• Strong communication skills.
• Minimum age of 20 years.

Key  Details You Should Kno

• The internship lasts between 30 days and 6 months.
• UNESCO does not provide a salary.
• Interns are responsible for securing their visas, travel, and accommodation.
• Health insurance is mandatory, as UNESCO only covers limited workplace accident insurance.
• You must show proof of enrollment or graduation before starting.
• Interns will get 2.5 days of leave per month.

How to Apply for the UNESCO Internship 2025

• Visit the official website: https://careers.unesco.org/
• On the homepage, click APPLY ONLINE.
• Search for internships by type, location, or field of interest.
• Read the internship details carefully.
• Click APPLY ONLINE for the desired program.
• Create an account by entering your email, phone number, and other details.
• After creating your account, sign in to continue.
• Fill out the application form completely.
• Upload all required documents.
• Submit your application.
• Make any necessary payments, if applicable.
• Take a printout of your submitted application for future reference.

What Happens After You Apply?

UNESCO managers will review your application. If selected, the concerned manager will contact you directly. If you do not hear back within six months, your application will not be successful.

Make sure to apply before the deadline of 31 December 2025.

UNESCO Internship Program: The Never-changing Parameters

UNESCO Internship offers students and new graduates the chance to gain real work experience in one of UNESCO's main fields. What you will learn

• Understand how UNESCO works and what it stands for.
• Improve your academic knowledge and technical skills by working on real tasks.
• Benefits of the Internship:
• Learn and grow under the guidance of experienced professionals.
• Work with one of the most respected organizations in the world.
• You will get 2.5 days of leave (holiday) for every month you work.
• Note: UNESCO does not pay interns. There is no salary or other financial help.
• Important things to know before applying:
• Get your motivation letter and resume ready before starting the application.
• You will have only one hour to complete the application.
• Make sure your contact details are correct and will stay valid for at least six months.
• Applications are accepted only in English or French. If your documents are in another language, you must also send a translation in English or French.
• You can apply only once.
• Being eligible does not guarantee that you will get the internship.
• If you are selected, a manager will contact you. If you do not hear back within six months, your application will not be successful.

Your application will be available to UNESCO managers worldwide for six months, but not everyone will receive a reply.

 

 

Higher Studies New Zealand, Top Universities New Zealand, Higher Education New Zealand

Synopsis

Studying in New Zealand is a great choice for students who want a good education, low cost, and a bright future. It is one of the best places for Indian students to study and work. There are more than 20,000 new job openings every year. A new job rule called "Green List Occupations" helps students get full-time jobs after finishing their studies.

Study in New Zealand: Best Courses, Easy Rules & Jobs

New Zealand is a great place for Indian students who want to study in another country. It has the best schools, well-qualified teachers, and many job opportunities. In 2024, more than 59,000 students from different countries joined schools in New Zealand. About 10% of them were from India.

One big reason students pick New Zealand is jobs. Every year, there are more than 20,000 new job openings. A new job rule called "Green List Occupations" helps students get full-time jobs after finishing their studies.

Why Study in New Zealand?

Here are some good things about studying in New Zealand:

·         Good Education: Schools teach in a way that helps students learn by doing things.

·         Low Cost: It is cheaper to live here than in many other big countries.

·         Part-Time Jobs: Students can work while studying and full-time during holidays.

·         Worldwide Degrees: A New Zealand degree is accepted in many countries.

·         Safe & Friendly: It is a peaceful country where people are kind.

·         Education System in New Zealand

New Zealand has different types of study programs:

·         Technical Courses: For students who want to learn skills and start working.

·         Youth Programs: Free courses for students aged 16-19 to finish school.

·         Trade Schools: Special schools for learning jobs like mechanics, electricians, etc.

·         Technology Institutes: Schools that teach practical skills.

·         Private Colleges: Schools that offer short courses and certificates.

·         Universities: 8 top universities offer higher studies.

The top Eight universities that offer higher studies are:

·         Waipapa Taumata Rau, University of Auckland

·         Auckland University of Technology (AUT)

·         The University of Waikato

·         Massey University

·         Te Herenga Waka: Victoria University of Wellington

·         University of Canterbury

·         Lincoln University

·         University of Otago

Studying in New Zealand is a great choice for students who want a good education, low cost, and a bright future. It is one of the best places for Indian students to study and work.

Study in New Zealand: Work 40 hours a week, and stay back for up to three years!

New Zealand is one of the most popular English-speaking countries for students studying abroad today. It offers high-quality education, great job opportunities, and a peaceful life.

New Zealand has as many as 8 government-accredited universities, 16 government-accredited polytechnics and colleges, and many more private institutes. Courses range from certificate courses to doctorate-level courses. New Zealand follows the British education system. Courses that incorporate completely modern knowledge make New Zealand education valuable globally.

Under the Green List (Skilled Immigrant Category), which includes high-priority occupations, aspirants can apply for permanent residency as soon as they finish their studies and start working. For example, one can secure PR through excellent courses in fields such as nursing, engineering, health and social services, IT, teaching, science, agriculture, business, and hospitality. It is only in New Zealand that it is possible to switch to PR with just six points. Not only that, if you get PR, you can also add your parents to PR.

Students with a minimum of 50% marks in Plus Two can take courses. Moreover, they can take admission without IELTS or PTE. Courses at the Bachelor's, Master's, and PhD levels get a three-year stay back. Another unique feature of New Zealand is that you get a three-year stay back with one year of Master's study. Courses that allow you to work full-time while studying are also available in New Zealand. You can bring your family with you during the study period. Your spouse can work full-time and your children can study without fees.

Although classes for international students start in February and July, some universities and colleges offer courses in March, May, and October. New Zealand universities/colleges often hold job fairs on their campuses. Therefore, there are many opportunities for students to easily move into a good job and get PR in New Zealand.

Students receive scholarships based on merit. Not only that, but New Zealand is also unique in that a student only has to pay fees once they have been granted a visa by immigration.

INDIA: New Zealand Gives Scholarships and Internships to Indian Students, How to Apply

New Zealand will offer scholarships and remote internships to Indian students. The plan will help students learn and work with New Zealand companies while strengthening India and New Zealand’s partnership.

 

New Zealand will give Indian students scholarships worth NZ Dollar 260,000. This help comes under the New Zealand Excellence Awards (NZEA) 2025. The government will also give 30 students from IIT Delhi a chance to do online internships with companies in New Zealand. These students will learn how New Zealand companies work.

 

New Zealand Prime Minister Christopher Luxon shared this news at an event at IIT Delhi. The event was for the New Zealand Centre. This Centre is special because it brings all New Zealand universities together with IIT Delhi.

 

Soon, New Zealand and Indian schools will sign papers to work more closely. They will help students move between both countries, do research together, and learn from each other.

The event also talked about the good work both countries are doing together. They are working on smart projects in areas like artificial intelligence, saving the planet, staying safe from disasters, and making new technology.

One big project by the University of Canterbury and IIT Delhi is using maps and data to help fight climate change. This project will help India with its goals to protect the Earth.

 

At the event, Prime Minister Luxon said, “New Zealand and India are good partners. We help students learn and grow. We want students to be ready for the world.”

How Many Scholarships at Each University?

Here’s how the scholarships are shared

·         AUT University - 1 for Undergraduate, 2 for Postgraduate

·         Lincoln University - 1 for Undergraduate, 4 for Postgraduate

·         Massey University - 2 for Undergraduate, 2 for Postgraduate

·         The University of Auckland - 2 for Postgraduate, 2 for Undergraduate,

·         The University of Waikato -  2 for Postgraduate, 1 for Undergraduate

·         University of Canterbury -  1 for Postgraduate, 1 for Undergraduate

·         University of Otago - 4 for Postgraduate

·         Victoria University of Wellington - 2 for Undergraduate, 2 for Postgraduate

 Who Can Apply?

·         You must be 18 years or older when applying.

·         You must be an Indian citizen (not from Australia or New Zealand).

·         You must meet the student visa rules of New Zealand.

·         You must be living in India when you apply.

·         You must get an unconditional offer from a university for a course that is part of NZEA.

 How to Apply?

·         First, apply to the university and get an offer letter.

·         Then, check if your course is part of NZEA.

·         Fill out the NZEA scholarship form.

 Steps to apply:

 Step 1: StudywithNewZealand.govt.nz offers details on programs and universities.

Step 2: Send directly your application to the institution.

Step 3: To apply for a student visa, Visit immigration.govt.nz.

Step 4: Apply NZEA 2025 before the deadline of April 30, 2025.

Pi Coin Enters Crypto World! Can This Digital Currency Compete with Bitcoin?

 

PiCoin, PiNetwork, Web3, Blockchain

 Synopsis:

Pi Network, a Web3 blockchain project, has officially launched its Open Network, allowing users to trade Pi Coin on major exchanges like Binance and OKX. Created by Stanford Ph.Ds, Pi enables easy mobile mining without expensive equipment. With over 110 million downloads, its listing marks a crucial milestone. As the crypto market watches Pi’s next moves, its success will depend on adoption, utility, and integration into the broader financial ecosystem.

• Mobile-Friendly: Designed for easy use on mobile phones.
• Launch Date: Pi Coin officially started trading on February 20, 2025.
• Top Trend: Became the most talked-about cryptocurrency on CoinMarketCap.
• Investor Interest: A Binance poll showed that 85% of users want Pi Coin listed.
• Exchange Listings: Now available for buying and selling on major crypto platforms.
• Growing Hype: Despite volatility, Pi Coin continues to attract global attention.

Pi Network is a new type of cryptocurrency, online trading, that many people around the world are excited about. It is being made very easy to use on mobile phones. The special coin of this network, called Pi Coin, started working on February 20, 2025. Now, it can be bought and sold on big cryptocurrency websites.

Pi Network (PI) is now officially ready for trading on February 20, 2025, after years of waiting. The coin initially shot up to USD1.84 but quickly dropped to USD0.64 as many investors rushed to sell. By February 21, its price had fallen 62.63 percent to USD0.737, a big drop from its high of USD1.97 when it first hit exchanges.

 Despite the previous fall, Pi  Coin made a strong comeback. Within just 24 hours, the coin’s value surged by 97 percent, making it the most talked-about cryptocurrency on CoinMarketCap. A poll on Binance showed that 85 percent of users wanted Pi to be listed, further boosting excitement.

 What is Pi Network?

Pi Network is a Web3 blockchain project that allows users to mine cryptocurrency using their smartphones. No expensive equipment is needed. It was created in 2019 by Stanford Ph. D. Nicolas Kokkalis and Chengdiao Fan. Unlike Bitcoin, which requires powerful computers, Pi can be earned by simply opening the app and tapping a button once a day.

 According to the official Pi Network website, the project has built a massive community of people mining Pi to develop a Web3-based ecosystem. The network also uses a special mining system that consumes very little energy and has a strong KYC verification process to prevent fraud.

 Why Was Pi’s Listing So Important?

 Millions of Pi users had been waiting for this moment for years. After a two-year delay, they were finally able to move their mined Pi Coins from a test version to the real blockchain (mainnet). As of February 2025, Pi Network had been downloaded over 110 million times, with 5,40,000 new users joining on February 17 alone.

 The listing on big exchanges like Binance, CoinDCX, OKX, and Bitget meant that users could now sell their Pi Coins for the first time. Ahead of the launch, Pi Network posted on X:

 "One day left before Open Network’s launch at 8 a.m. UTC on February 20, 2025! The transition to an Open Network will enable external connectivity on the Mainnet blockchain, allowing Pi to interface with other compliant networks and systems. This means Pioneers will be able to engage in transactions beyond the Pi ecosystem, expanding Pi’s utility and reach."

 How to Mine Pi Coin on Your Phone

• Mining Pi is easy and requires no special hardware. Here is how to do it:
• Download and install the Pi Network app.
• Tap the lightning bolt icon once a day to start mining.
• After three days, add 3 to 5 trusted contacts to increase your mining rate.
• Refer friends to boost earnings even more.
• How to Buy Pi Coin
• Now that Pi is officially listed, you can buy it by following these steps:
• Download a crypto exchange app like CoinDCX, OKX, or Bitget.
• Complete the KYC (Know Your Customer) verification process.
• Add funds to your exchange wallet and purchase Pi Coin.

 Bitcoin vs Pi Coin 

 Bitcoin and Pi Coin are like magic money online. But they are not the same!

 Bitcoin is very special because there are only a few Like 21 million little coins. No more can be made! But Pi Coin has so many, and no one knows how many there will be!

 Because Bitcoin is rare, people keep it safe like treasure. Big computers help it work.

 But it can never be more special than Bitcoin because there are too many Pi coins.

Will Binance Add Pi Coin?

 Binance is a big place where people buy and sell digital money, called cryptocurrency. Many people want Binance to add Pi Coin so they can trade it there. Pi Coin is very popular, even though some people have questions about it.

 Binance was not sure about adding Pi Coin, so they asked people what they thought. Most people said they want it. Right now, Binance has not added Pi Coin, but a new way of adding coins might help in the future.

 Even though Pi Coin is not on Binance, it is still very valuable. Right now, one Pi Coin costs $1.782, which is 5.94% less than yesterday. Some experts think that if Binance adds Pi Coin, its price could go up to $100 and make it one of the top 10 most valuable digital coins.

 What’s Next for Pi Coin?

 If Pi Network creates real-world uses for its coin, its price could rise above USD500 by 2030. While this is just a prediction, Pi’s fast-growing user base and strong community support make it a serious player in the crypto world.

Bitcoin and Ethereum: The Bigger Picture

 The overall crypto market is also looking strong. Bitcoin recently hit USD98,000 and could move between USD98,000 and USD102,000 before climbing higher, according to CoinSwitch Markets Desk. Meanwhile, Ethereum is struggling to break past the USD 3,000 mark and is hovering around USD 2,800.

 Pi Network’s fast rise has generated a lot of excitement, but its future will depend on how well it integrates into the larger financial system. With over 60 million registered users and growing support from major exchanges, the coming weeks will show whether Pi can hold its momentum or if it's just another hype-driven surge.

 To encourage more adoption, exchanges like Bitget and BitMart are offering special promotions, including a USD60,000 Pi airdrop pool and a USD3,000 USDT giveaway for select users.

 In India, Pi Network has crossed 10-cr downloads on the Google Play Store, proving its strong popularity in the country. As the project continues to develop, all eyes are on whether Pi  Coin can set itself as a valuable cryptocurrency for real-world use.

Can Pi Coin Become More Valuable in the Future?

 Pi Coin is getting a lot of attention, and its future depends on how useful it becomes. Right now, people can mine it easily on their phones, and it has millions of users. If people can use Pi Coin to buy things, its price might grow a lot. It is being predicted that it may reach $500 by 2030! But for that to happen, big businesses and stores must start using it. If more people trust and trade Pi Coin, it could become a strong cryptocurrency like Bitcoin. But if not, its price may stay low or fall.

Pi Network’s Future: What Lies Ahead?

The launch of Pi Network’s Open Network is a big step forward in the world of cryptocurrency. It has made mining easier for everyone and attracted users from all over the world. Despite some early ups and downs in price, Pi Coin has become very popular, especially with its recent listing on major exchanges. Many investors are hopeful about its future value, but its long-term success will depend on how well it is used in real life and how widely people accept it. As Pi Network grows, its real challenge will be proving itself as a useful and trusted cryptocurrency in the market.

Mine Crypto on Your Phone Easily with Pi Network

You can now earn cryptocurrency right from your phone thanks to Pi Network, without spending on costly equipment or draining your battery. A group of Stanford graduates launched Pi in 2019, giving users the chance to mine coins simply by opening the app every day and inviting trusted friends to secure the network.

Pi sets itself apart from Bitcoin by using far less energy. Instead of Bitcoin’s energy-heavy system, Pi relies on the Stellar Consensus Protocol. It is a faster, eco-friendly method that welcomes everyone. Since introducing its blockchain in 2021, Pi has also added identity verification for users who want to transfer their coins, giving the platform an extra layer of security.

As the cryptocurrency space shifts toward greener and more user-friendly solutions, Pi Network stands out. It offers a simple and sustainable way for anyone to step into the world of digital currency.