roughly 20 percent of the population of south africa understand africans, but the rest don't. so you city was roughly 50000000 people who do not understand africans. and so they might as well have taken her zulu, which is the biggest language in south africa and use that if they're, if you wanted to use one of the bigger languages, while not a british government requirement, ryan air has so far, refused to say if it will withdraw the test join wolf al jazeera, the family of the writer whose article inspired movie top gun is suing film studio paramount pictures for copyright infringement. they say the studio didn't have the rights to a hood. janese 1983 story before it released the sequel top gun, maverick. last month. the film has already earned nearly half a $1000000000.00 at the box office will never forget.

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2018. others headlines these continuous here analysis era after inside story. next me the what, what do we need to know that on this, which i don't need to be with them when you look at them, when you get this message, can you open that at the home and ya today and all of us were going to give you what we said as well, they didn't put me in. i'm a lot of fun at the book. if you're the one i know, i mean, i mean,

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hello and welcome to the program. i'm hashim abala crypt occurrences like bitcoin have been some of the most popular investments during the past 3 years. they merged a decade ago as an alternative to money free from the control of government and central banks. but now that's changing. i did speak last november 1 bitcoin was worth $67000.00. now it's down more than half to $31000.00. other digital currencies have also fallen sharply, and i say high inflation has made risk investments including bit coins less attractive and the cost of running crew to currency transactions has increased due to higher energy prices around the world. developing countries have led the growth

in digital currencies, vietnam recorder, the greatest crypto currency activity during the past year. it's followed by india and pakistan where peer to peer transactions have risen. in nigeria, crypto is the preferred way to trade, especially with china. the government in our butcher sat new rules this year and even lost its own digital coin the year before and could to currencies are in demand in afghanistan, a country and turmoil, and among the poorest in the world. what is hard to handle traditional money like the u. s. dollar. digital money is gaining popularity in argentina, researchers found it has the world's highest proportion of workers being paid in cooked. occurrence is many by bitcoin to protect themselves against an inflation rate of 50 percent. and swings in the value of the country's currency, the paso,

if quite a crypt stations goal is to make the use of crypto currency common in the real economy. in other words, nowadays is used as a method to save money to, to inflation. but beyond that, we want to, to encrypt the currency into a daily life currency. luckily w on or not, who are so low crypto currencies, not based on the countries economy. so this benefits me quite a lot, even if the local currency loses value. crypto is not based on durgin tinian vessel, but dollars or euro. so i will always keep the same value law. ah, less bring in our guests in london name asked lamb chief market analysis at arbitrate in rome dryer lucy, professor of international finance and commodities trinity business school, and a former central banker in singapore, xannon capron, director of capron asia,

a financial technology, research and consulting firm focused on asia, welcome to the program name. according to the economy, the market value of crypt occurrences was almost 3 trillion dollars in november. then it fell to 2 trillion in april. now it's at 1.2 trillion. could this be the beginning of the end for the crew to currency? i mean, i think it is a bold statement. corrupter beast be stuff is on columns. because last big coins, corn, history or the last 10 years. one thing becomes very prominent. bitcoin is capable of come about based on can retrace more than 50 to 75 percent higher and it is capable of recovering those losses within. ready 2 months, in fact, we have a history of making,

you know what invest entry is the song when it comes to bit corner important factors from a price perspective in the the knows for each year. and if you look at the trend for the last 10 years, you see for me each and every single year. so that gives a current vacation. this is an upward trend. number 2 is the adopt ability. are more situations hedge funds and regulators are saying yes, flash showing green flash too big point on these 2 trains remaining concerns. ok, brian many now are blaming central banks for what happened to the crypt because the particular when it comes to the tightening of monetary policy, do you see it as

a direct consequence of what was happening? i don't, i think calling crypto currencies. a currency is a misnomer. we have an experiment ongoing in el salvador where the government's made bitcoin a legal tender and the evidence from all research that i've seen. and there is some . busy there is that the vast majority of people in el salvador took the initial money that they were deposited into. busy electronic wallets and really haven't used it since it's not being used as a currency in, in any meaningful sense. criptos are a speculative asset class and as such, they're perfectly okay as inspectors of acid plus they're. busy high risk and potentially high reward as a name has mentioned, you do see these very large swings as part of the, the system. the reality is that as interest rates are rising and they are going to be rising globally to things are happening. when is we're going back to

a more traditional, a pre, even global financial crisis, monetary and fiscal environment. secondly, we're going to see a situation where investors risk appetites are going to be reduced. a large part, i believe, of the run off in crypto prices and crypto attractiveness was because you have this role of money seeking yield anywhere. and as a consequence, once that role of money begins to receipt, then the need to seek out ever more expect to says high risk, high reward asset classes, not just crypto, but other forms of assets will recede with it. as a, as affected asset class. it's perfectly fine, it's perfectly reasonable as a currency. it doesn't work. ok, xannon y is curved to curb is so popular in asia, particularly if you're not. i think for many of the reasons that brian mentioned

did speculate the asset. and when you look at the various jurisdictions across asia, historically china is, you know, the run ups in the stock market, heavily retail driven people see crypto currency and speculative asset classes is a way to make a lot of money. whether that be real estate or the stock market, or now the currency. and so i think a lot of investors, or retail speculators, are trading it like that. and so that's why we're seeing a lot of adoption. there is certain use cases though. i mean, when you're trying to move money around the world, there are a lot of fees involved in making transactions. and some crypto currency can see use cases kind of be nice use cases in many of the emerging markets where oftentimes moving money cross order is cheaper than using traditional currencies. and so i think, you know, outside of the speculative there are some use cases. but as was hinted up before,

in places like our top and we're spending on a day to day basis, we really don't see that adoption at this point. now i understand when you talk about the, the swings in the cycles of the, of the market. and you say this is pretty much normal in a way or another, and the group to currency remains bazillion in the face of the downturn, but for a normal average citizen who would like to invest, think of to currency or contin, play that in the future. how can you explain to him that the algorithmic stable coin tara, for example, which stood at something like $50000000000.00 and ended within few weeks worthless. that is a new paradigm experiments are being done. some of them are. ready successful and some and unfortunately, tara is an example of one for investors who are interested in the credit, currency specs idea to speculate space. once you do in mass,

while they're willing to loose, just like any other investment pieces. and you shouldn't always look to hedge your race against different asset classes. and you may be wondering, we're speaking of heard to currencies. why are you speaking at different asset classes? you have to think from a traditional mindframe when it comes to your characters. because within criptos, you have different sat, just like how the s and b has different sectors. you have gaming, you have the file, you have crypto exchanges, your quit or currencies. you have a holes and your colors, as well as you and diversified. i keys these particular factors which i mentioned on your show a few times before. i think when should be okay about position to take advantage of this is especially suspect brian of the same time you have the u. s. d c. another stable coin just because

a it is backed by cache and short data treasury bills. it doesn't seem to really facing the same problems, the other cooked occurrences are facing. could this be an indication that trust remains paramount when it came comes to trading with come to currency? yes, the stable coins are an interesting situation because you've got basically 2 kinds of 2 kinds of stable points. environments which are fully. busy allegedly fully that although it's unclear the extent to which these are fully backed by him in dollars or, or he don't near dollar equivalence. you've got wounds that are backed by other commodities, including some cases of the criptos. and he's got al with alex. now the latter to cannot under any circumstances be considered stable. the 1st one though is part of the paradox of crypto. busy because in order for this crypto to be stable, that has to utilize theater currency. and this goes to the fact that it as has been said, is a speculative asset class, not a currency. why would you, however,

put your. busy money into a, a dollar bats crypto when you put it into a dollar backs bank or say dollar use any fee at forensic which would be supervised and regulated and would have deposit insurance, et cetera if tomorrow morning or a dollar back crypto stable. francie was to evaporate, that basically the investors in it have lost everything. if a bank where to go into difficulties, there's usually deposit insurance, and we've seen that banks to the, to get an ebony bailout. and depositors are the very last into the queue for balance. so 3 successively crypto courtesies shows the roots of their failure as alternatives to current. so as an asset class, as i think we've all agreed, they're perfectly fine. but the majority of the height certainly around crypto currencies is not as an asset class,

it's more around the fact that they will replace credit, the fiesta that their hard currency, that they're inflation proof, et cetera. ok then, and i mean if i'm a member of the cook to current community in a place like india and i look at the market now. and then i know that the government doesn't like to currency moving forward towards putting more restrictions. what kind of future do you see for the crypt are currently in a place like india? india and the story is really about the population. it's a massive, massive country and hasn't or is unable to crack down in the same way they're trying to on cricket. if you look at crypto in china, up until 5 or 6 years ago, it was a private industry with, with many, many companies focused on various different use cases from exchanges and everything else. you know, india has a lot of that same central, but the story and it's kind of the same. and the government is not in favor of

crypto because it really doesn't see what it adds to the ecosystem. but rather only think the risks that come out of having it there. so really they've come down hard to, you know, more recently they've put a 30 percent tax on crypto investing. and the legislation is kind of clear about the future. so certainly the people in the current system in, in the are considering what their next steps are. this has been established in india for a number of years down. so, you know, i think was the countries like india kind of continue to figure out the way we put down, you know, even certain countries like your and singapore, we thought that that would be very pro crypto and now they're pulling back a little bit. so it's very difficult to tell what the strategy or the trajectory of regulation in any of these in asia is name up. i assume money in the past will drone to the, into the cook, courtesy world because of the most established of all those drifters, particularly bitcoin. now he lost 50 percent of its value. and the latest forecast

suggests that i could for to something like 8000 compared to where he stood before just a year ago, which was something like 68000. but how do you see it? could it recover from that? ok, before i answer the question i just wanted answer to a you were discussing before about the civil coins and it is very, very important for investors to understand when it comes to stable coin when that particular piece didn't happen. i literally locked myself for 42 hours and read every single research paper and what was happening during that particular mehldau. and i came to the conclusion one particular factor, which is called. ready a bang from this usually happens when there's so much from state ability in system and people lose faith in taking a currency by sophia currency of others and to show currency and begin to draw

manipulations within the dock. what was happening, tara? they do take place in tradition markets as well, believe it or not, not in the field county space, but in other to the market's platform with marketing takes place to simplify things during the peak crisis during the any financial process of getting that by video or anywhere else we have renovations, we have central banks, literally stepping in and limiting the amount of vehicle that anyone can make a daily basis. we've seen the devils of that increase happening in stable coins. we do not have that mechanism because that it rolls and goes against the you know, that everything the center lot of things need to be decentralized and stuff like that. the 2nd thing, what people really confused about stable point is that it's bank. my number of factors and there's no clarity. i'm not saying that is not true. i concur, that is absolutely true. what was being said. how much clarity to the house in

relation to c. s. currencies, which are backed by a process right back and is used to be backed by gold. now with just sponsors. yes. now we have a more clarity in tans tender. older. the question is how still, how they're the companies which are providing on it. but a me issue over here isn't bankrupt, which is a control of how much money can leverage on any single day. if there is a panic today, you can do that. all right, brian, one via european center bank president, christy legacy says that the bitcoin and all the other go to currencies were, are worth nothing. what is she trying to tell us here? she said to tell you that they have no fundamental value whatsoever, which is absolutely the case. so they are worthless but not valueless. there. they

don't have the fundamental value. they don't give you a yield, they don't give you a return. you can't really spend them anywhere and you can't pay taxes with them, et cetera. so, in some senses, they're little bit like fear currencies, except that you can lend fietta cars, each people and they will give you an interest rate for under normal circumstances . you can use for your currency to pay your taxes, et cetera. they handle fundamental value. i, as a consequence, any value that they have is a value that is believed to be one that they will be able to accrue in the future. so in that sense, it's little bit terinio. i believe criptos are valued because i believe that somebody else will believe in the future that they will have an increased value. and therefore, i will hold on to them a huddle as they call it, hold on for dear life, until i can get rid of them something out to somebody else in traditional financial markets as called the racial fool theory. xannon could the self be an opportunity to get rid of the flawed or criptos and the badly run companies that could

regenerate a new phase for the for, for the market to rejuvenate, to move forward. i think, you know, the cargo industry is no stranger to the cycles. if you look 3 or 4 years ago, the i c o is that the initial coin offerings that were largely peddling business models. i made no sense whatsoever. i think what the current industry over the past couple years has been able to take advantage of is the liquidity in the money. you know, there's quantitative easing and very cheap money that people have access to make it very easy for people to invest in creditors and d. c, to invest in companies, even if they didn't have the best business model and, and certainly that's in many cases, not limited to crypto. i think we're seeing that across venture capital. now globally, valuations are coming down. it's much more difficult for startups to raise capital and we're seeing that already and it's probably going to get worse later in the year. kind of the same thing in crypto, you know, i think investors will be a lot peer about what they invest. and although you know that being said,

you still have organizations like a 16 year anderson or it's, they're investing heavily in some of these critters basis whether it be an issue or not diverse or otherwise. so remains to be seen. but i don't think ok we're done with hers. certainly on this. i have 2 different angles to cover with you gentlemen . that night we're not talking about figures. we're not talking about stock market . we're not talking about it is we were talking ultimately about lives and dreams that have been shattered over the last few weeks with a meltdown. people who were investing in the curb to currency and the saw that their savings wiped off. do you think because you spoke about the cloud with you and the transparency that this is about time to with think the whole disclosure procedure, the backing of these companies have and what kind of assets they have for people to say. i trust that there is a backing for this company and that at the end of the day, i can,

i could expect the returns of the ills briefly, if you don't mind. sure. so i think there is, there's significant need for that particular mechanism to come into play. us are where regulators are priority their support or at least to sort of an assurance on, in addition to the disclosures. but at the, in the thigh, the responsibility lies within master and inefficient, made their own research. look brian of the criptos, paying the price for mirroring the stock market itself. because when we saw how we all started, the central bank starting the, the a, a quantitative easing, the increasing of the, of the interest rate. suddenly we saw the stock market, those diving automatically. we saw the curb to currency following. so if could, could, could it be because of this correlation between both i don't think so. i mean there certainly is a correlation between. busy by market movements picky. checkmark. ready movements

and criptos. busy if criptos came to price raising and investors are paying the price financing, it's for investing in a bubble. and we know how bubbles and they burst, and when they burst, they destroy a lot of wealth. and this has what has happened in the crypto market over the last wild bubbles are in damage. and the nature of these markets is they are totally on . ready regulated that's their attraction, and that's their destruction. in the only way in which you could have a market which was not subject to these kinds of problems would be to her market, which is regulated and which was monitored. but that would be a teeth and technical to juan de crypto enthusiasts wish xannon or is asia bracing for a trip to winter? certainly, i think that's what it looks like. it has become a big part of the crypto industry over the past couple of years, whether it be played or is that there's

a lot of money that's flowing into the region and there's a lot of kind of value that was created and has now been lost in crypto is growing in the so, you know, asia is we'll face the same challenges that every other market does. if, if not even more q late in certain markets that are invested happily and have many start ups that are focused on the space. now i'm with we, we, we, we need to the help of the big bitcoin minus now why they seen as a culprit blamed for what happened because they say that the used energy for the use of the energy, particularly when it comes to their computers, to, to meet the and coin, the quip to currency is responsible for the meltdown. not necessarily at all because the latest headlines with energy is going to be used for mining. i think the assets to continue to shift and move to evil and use us to

me or to be really quick on this are significant amount and that we are seeing where we would have to leave it. i really appreciate your site. nice lamb brian the season and capron, thank you very much indeed. and thank you for watching. you can see the program again any time by visiting our website al jazeera dot com for further discussion. go to our facebook page. that's facebook dot com, forward slash a jane site. so you can also join the conversation on twitter. i'll hand is add a j inside saudi from the house, my bottom. and the entire team here in they'll have, like ah lazarus, the home of jesus christ, his long drawn pilgrims and visitors from around the world. hundreds of years. it's old city, rang to the sounds of shopkeepers and crops. people. this entry though sounds of

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