since it has favorite seed, katrina you out of here at beating the columbia navy as discovered 2 more centuries old shipwrecks on the ocean floor. they were found while monitoring the wreckage of another ship. the san jose galleon, which sank more than 300 years ago. historians say that his cargo of gold coins and other treasures would be worth billions of dollars. the family of the writer whose article inspired the 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. the for it released the sequel top to top. com, maverick, last month. the films are really half a $1000000000.00 in box office and its 1st 10 days load gerning with good to be with us. this is al jazeera,

the headlines this out. you k prime minister bras. johnson has survived a confidence vote around 40 percent of his own. m. p. 's voted against him. despite that, johnson called it a decisive result and says that it's time to move on the un special envoy on sexual violence in conflict. as warned that a human trafficking crisis is unfolding in ukraine. formula patton has told the un security council, the perpetrators are taking advantage of the war to business, but accused of corruption in south africa have been arrested in the united arab emirates regression. otto gupta had close ties with former president jacob zoom up and into ball notice for the arrest was issued last year after they'd fled the country in 2018. israel's coalition government has failed to pass a bill, extending legal status of settlers in the occupied west bank. the emergency regulations which expire at the end of the month a been in place for decades. others,

the headlines for these continues here. i'll 0 after inside story coming up next. oh no, no, no, no, no, no, no, no, no. this is i don't need to be here with the mac and i'm just gonna put them on your team yet. and also mentioned you can just leave a message. can you open at the home and the yah today, and i'm gonna give you what we said as well. the people could send me a lot of them. a lot of them at the hospital gave me when i know, i mean,

i mean i shooting them off the edge of the ah, they're being called the future of money, but good to currency is like bitcoin look to be in trouble. they're losing value and finance. regulators are considering tighter controls, so can crip to make a comeback. this is insight story. ah

hello, welcome to the program. i'm hash him 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 governments and central banks. but now that changing at it 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 bolger sat new rules this year and eva launched its own digital coin the year before, and curve to currencies are in demand in afghanistan, a country and turmoil, and among the poorest in the world. when it's 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 occurrences, many by bitcoin to protect themselves against an inflation rate of 50 percent and swings in the value of the countries 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 due to inflation. but beyond that, we want to, to encrypt the currency into a daily life currency. luckily w on all those who are so low crypto currencies, not based on the countries economy. so this benefits me quite a lot already. 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 a 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 japan, 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? thanks for having me. i think it is a bold statement because character, different beast is to be stuck on kind. because last big coins, corn has she or the last 10 years. one thing becomes very prominent, bitcoin is capable of come about a phone call can retrace more than 50 to 75 percent and it is capable of recovering those losses within. ready 2 months, in fact, we have

a history making, you know, what invested 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 there are, for me and each and every single year. so that gives a current vacation. this is an upward trend. number 2 is the adopt ability. our more of the situation is hedge funds and regulators are saying yes, flash showing green flash too. big point to currencies will be to trains remaining concerns. ok, brian many now are blaming central banks for what happened to the crypto currency, particularly 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 common crypto currencies. a currency is a misnomer. we have an experiment ongoing in el salvador, where the governments are 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 ok as inspectors of asset class. they're high risk and potentially high rewards. 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 pre even global financial crisis, monetary and fiscal environment. secondly, we're going to see a situation where. busy 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 wall of money seeking yield anywhere. and as a consequence, once that wall 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 as a, as a 2nd of us as 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 vietnam i think for many of the reasons that brian mentioned did

speculate the asset. and when you look at, you know, 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 the way to make a lot of money. whether that be real estate or the stock market or now crypto 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 outside of the spectrum about that there are some use cases. but as was hinted up before, and places like our tablet or spending on a day to day basis,

we really don't see that adoption at this point. now 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 group to currency remains bazillion in the face of the downturn, but for a normal average citizen who would like to invest, think of the currency or content 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. this 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 invested in the crypto currency specs idea to speculate space. one shoot only 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 their for nasa classes. and you may be wondering, we're speaking of her to currencies. why are you speaking at different asset classes? you have to think from a traditional mindframe when it comes to your curtis. because within criptos, you have different saturday, 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 holes and your colors, as well as your diversified eye keys. these particular sectors which i have mentioned on your show a few times before, i think when should be ok about position to take advantage on. 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 could to currencies 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 he's got basically 2 kinds of 2 kinds of stable points in thought. ones which are fully or allegedly fully that although it's unclear the extent to which these are fully backed by m dollars or. ready or he don't near dollar equivalence, you've got ones that are backed by other commodities, including some cases of the printer. but al, with mix, 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. busy ever put your money into a dollar bats crypto when you could put it into a dollar backs bank or say. ready dollars any fee at forensic which would be supervised and regulated and would have deposited insurance, et cetera, if tomorrow morning, or a dollar back. it's crypto stable furniture 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 heavily bailed out. and the puzzles are the very last end of the queue for balance. so the success of these crypto currencies. busy shows the roots of their failure as alternatives to current. so as an asset class, as i think we've all agreed 3rd 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 crypt the effect that they're hard currency, that they're inflation proof, et cetera. okay. then in, i mean, if i'm a member of the cooked occurrence, a 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 crypto currency 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 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 india 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 there 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 your masters. 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 a conclusion one particular factor, which is called a bank run. this usually happens under so much instead, ability in system. and people lose faith in taking a currency by sophia currency about as

a visual 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, knowing the fear, currency space, but in other to the markets platform where marty takes place to simplify things during the peak crisis during the any financial process of getting that video or anywhere else, we have regulators. 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 centralized things need to be decentralized, stuff like that. the 2nd thing, what people really confused about stable point is that it's bank one number of classes 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 florentine to the house in relation to theat currencies, which are backed by a process right back and is used to be back by gold now with just sponsors. yes, now we have a more clarity in tan spot header. all the cautions are still out there, 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 have a drama. alright, brian, one via european center bank president, christy legacy says that the bitcoin and all the other go to courtesies 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 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, that's called the racial fool theory. xannon could the self be an opportunity to get rid of the flawed of criptos and the badly run companies that could regenerate

a new phase for the, for the, 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 crypto 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 had access to. made it very easy to get 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 that are 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 us. 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 you were talking ultimately about lives and dreams that have been shattered over the last few weeks with a meltdown. people who are 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 but think the whole disclosure procedure, the backing that 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 yields briskly if you don't mind. sure. so i think there is, there's significant need for that particular mechanism to come into play us or regulators our priority, their support or at least to sort of an assurance on, in addition to the disclosures in 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 dos, diving automatically. we saw the curb to currency following. so it could, could, could it be because of this correlation between both i don't think so. i mean this or. ready is a correlation between. busy b,

market movements pretty checkmark movements and criptos. but if criptos came to price for anything and then investors are paying the price financing. it's for investing in a bubble. and we know how bubbles end 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 wilds. bubbles are in damage. and the nature of these markets is they are totally on 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 remark, which is regulated and which was monitored. but that would be antique and, and technical to juan de crypto enthusiasts wish xannon or is asia bracing for a crypt 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 if 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 . and so, you know, asia is we'll face the same challenges that every other market does. if not even more to late in certain markets that are invested heavily and have many start ups that are focused on the space. now aim with we, we, we need to talk about 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 as well. and she says to

me or to be really quick to currencies are significant damage momentum 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 in size, go to from the house, my bottom, and the entire team here in della bye for now. ah ah.

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