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this is well business reports from the

0:51

bbc world service hello i'm san

0:53

senate the uk government is in

0:56

turmoil following the resignation

0:58

of to top politicians the chancellor

1:00

and the health secretary of both gone saying

1:03

they don't have confidence in the prime minister

1:05

will have the latest and reaction

1:07

from british businesses

1:09

i've never go to your life it's difficult

1:13

arroyo stable along with it started

1:15

trying about even go to mexico he buys you've got to work

1:17

have been or that's gonna worth of its mother the

1:19

just gonna face reality for spending money

1:21

on the wrong things

1:22

gas prices a surging and it's

1:25

forcing countries like germany to fire

1:27

up cold again would look at the implications

1:29

of that and the central african

1:31

republic is introducing a new

1:33

digital currency but so

1:36

will be using it

1:37

the people were using it are rich

1:40

well educated

1:41

men

1:42

then they are only using it for relatively

1:44

large value transactions

1:47

more on that a little bit later but

1:49

says i spoke to our top story to

1:51

as a good case government to of the uk

1:53

governments may senior ministers have resigned

1:56

from boris johnson's cabinet plunging

1:58

the government ensue major crisis

2:00

the chances of the exchequer or finance

2:03

minister rishi senate and the how

2:05

secretary sajid javid of both hundred

2:07

in their resignations piling more pressure

2:09

on the prime minister boris johnson

2:12

has been accused of making several

2:14

misleading statements most recently

2:16

about the behavior of a colleague who had drunkenly

2:19

growth fellow members as a private

2:21

club andrew morrison a conservative

2:24

and pay and trade and boy for the

2:26

prime minister is calling on boris

2:28

johnson to resign

2:30

i'm absolutely lot of conservative party

2:33

or want to see it succeeds i don't

2:35

see how it can do under boris johnson

2:38

i probably kept quiet so far too long

2:40

after they've really this

2:41

they broke the camel's back

2:43

this morning hours was lord

2:45

adonis letter to the

2:48

standards commissioner i think really

2:50

that's the end of it for me i've had enough

2:52

i've just i've caught on the prime is to go

2:54

and i hope he doesn't quick

2:55

but there are members of the conservative

2:58

party who was standing by the prime minister

3:00

the minister for breaks it opportunities

3:02

jacob rees mogg that the prime minister could

3:04

write this out

3:06

well i

3:15

organization and you just over two years

3:17

ago explicit

3:21

alterations to your own com

3:24

about campaign is the financial

3:26

times whitehall editor and joins

3:28

is now that it's the best he can you just

3:30

recap on today's events

3:32

for is please

3:34

well the day began with an explosive

3:36

letter from a civil servants

3:38

who buy a few people had of could lose simon

3:41

mcdonald he was head of the foreign office

3:43

at he wrote a letter public letter

3:46

the said that johnson was still not

3:48

telling the truth about the incident

3:50

with chris pinches sir crispin she was deputy

3:53

chief whip in charge of winning party

3:55

votes and party management

3:57

and and the fact was the johnson

3:59

and many people think the past week

4:01

or so that are they were not aware

4:04

of substantive allegations about mister pinches

4:07

task conduct lot we don't vote

4:09

this letter to say that in fact that this

4:11

was not true that he personally inform

4:13

johnson was present these discussions and

4:15

that set of a whole chain of events over

4:18

the day the lead with a cabinet meeting was vital

4:20

i'm lucky and minister sitting

4:22

around the table and ten downing street

4:24

am and really just is growing

4:27

concern among to mp says they

4:29

could not trust johnson anymore

4:32

and that really his time with sort of buying

4:34

out in he was doing an apology on the

4:36

six o'clock evening news as

4:38

that happened to set the how sexy sajid

4:40

javid resigned follow five minutes

4:42

later by and the chancellor

4:45

which he sooner and since then we've seen

4:47

a smattering of junior government

4:49

appointees and ministers also resigning

4:52

and the question now really is and

4:54

com voices and get through this adhesive

4:56

point it's of a placements it's chance

4:58

to and health secretary but this is by

5:00

far the worst stay for boys have seen

5:02

since he became prime minister

5:05

can you explain full or listeners

5:07

just how senior

5:09

these members are at recess and act

5:11

in such a javad who have resigned today just

5:14

enough they are big hitters aren't

5:16

they within the cabinet

5:17

the uk government yeah

5:20

so they chance to obviously is

5:22

the second most powerful person in the uk

5:24

government's the treasury the biggest department

5:26

within the uk state is responsible

5:28

for spending and fiscal management

5:31

decisions management decisions you see knock is

5:33

also very influential figure within

5:35

the take conservative party when people think

5:37

that's a potions and go see is one

5:39

the save with to become the next

5:42

to we passed leader and therefore prime

5:44

minister and will receive why

5:46

praised for his economic policies and also

5:48

his press conferences june the current

5:50

of ice pandemic when he was basically on our

5:52

tv screens sajid javid was

5:54

the how sexy again another long find

5:57

support of voice onset he's charles of

5:59

the national savage the uk am

6:02

of see an public am all the

6:04

all the hospitals and doctors and that sort

6:06

of thing so mr javid was

6:08

bridge that's awful in the resignation that hancock

6:10

who saw the uk to the coat of arms pandemic

6:13

with javid was right bc chance to himself

6:15

actually fell out with people and voice on

6:17

his down a seperate can have very

6:19

experienced figure is be in the cabinet on and

6:21

off for seven years now to

6:23

the fact they've both gone and west told

6:25

it's on coordinates solo the time of

6:28

their resignations looks a little bit suspect

6:30

am that that that he's a big

6:32

blow for the prime minister something within the party

6:35

the prime minister has it within

6:37

the past couple of weeks survived a vote

6:39

of no confidence and

6:41

what's the chances see think of him surviving

6:44

this

6:45

am i would

6:47

say that he says in the on the

6:49

brink at the moment i don't

6:52

think it's it's easy to see a way through

6:54

this to boris johnson because we have

6:56

that confidence vote you mentioned which can see

6:58

me to mean he is safe to the next twelve

7:00

months but i think forty one

7:02

percent of conservative mps voted against

7:05

him in that both if it was a vote how to malo

7:07

i'm sure majority would vote against a

7:09

he would be out burn the tory party

7:11

will see technically can't be challenged a guess

7:14

now i think of more cabinet ministers had resigned

7:16

that i think the cheek would have been up today

7:19

but at the moment no one else seems

7:21

to be quitting from boy sources top team

7:24

so the question now is can the be under the leadership

7:26

folks nothing what will happen is

7:28

that sad that will be meetings of of

7:31

conservative mps to more than they will send she

7:33

looks at a rule change of allow that

7:35

to happen but potions and is a fighter

7:37

he's not gonna go and i think even if you

7:40

know senior party biggest came to him

7:42

said look it's up you need to go see

7:44

would still keep on going but my feeling

7:46

would be is that there will probably be another

7:48

confidence village voice on some the next couple

7:50

of weeks stamina tools you the premise

7:53

the can survive it's but he will want

7:55

to and he will try and keep on fighting

7:57

the bathroom pain from the as t london

8:00

thank you very much so that explanation

8:02

well it's got a response from business now

8:05

john elliot his executive

8:07

chairman of either limited it

8:09

for you case only manufacturer of

8:11

washing machines he's donated

8:13

money to the conservatives in the past

8:15

and voted for boris johnson in the last

8:17

election

8:19

i was hopeful the boss was gonna be good prime minister

8:21

a very often fat and he spells his fail

8:24

to do it i'm afraid

8:25

why do you say that

8:26

well i thought the difference we gonna be that he wasn't

8:28

into detail in the conflict with strategy hardly

8:31

the leader of a business or an organization

8:33

of the top shouldn't be doing detail if

8:35

we look new strategy ronnie raymond a good

8:37

example the little detail but look

8:40

at the site and think what to do long term they

8:42

also be is more important

8:44

the do the right thing and lose the election

8:46

and the wrong thing removal

8:48

the forty points just obsessed by giving

8:50

out money handouts to be no bad news get

8:52

reelected

8:54

how you feel then about rishi select

8:56

resigning

8:56

they well i think is other i think it's

8:59

it's called me to ahead the sooner we sort this

9:01

out the but it's not gonna get better watch

9:03

like a duck quacks like look is a joke we're

9:05

not moving over not take advantage of of economies

9:08

in a mess we're not dealing with

9:10

the prison up to it the strange thing is

9:13

distressing is

9:14

we can't get employees burrow jobs and

9:16

almost a new the

9:17

we can't run economy without people doing useful

9:20

the something wrong out of bars

9:23

in the resignation less risky summit

9:25

wrote to the prime minister

9:28

he talks about them both wanting

9:30

the same things high growth economy

9:32

world class public services and

9:35

but this needs to be delivered in

9:38

a different way and that they need

9:40

to make sacrifices and then and then

9:42

that it's become clear to me

9:44

that are approaches are fundamentally

9:46

different what do you think he means by that

9:48

look he wanted to eat he wanted to

9:50

get the booksellers he wanted to give less

9:52

out in the form of benefits that he

9:54

was forced to an by getting

9:57

that money i mean juice people people don't

9:59

want to work because the

9:59

people don't need to work

10:02

that seems strange religion but the fafsa

10:04

the jobs every way the economy we

10:06

can't kill them so we got good economy people

10:09

are set to work

10:10

how difficult would it be feel business now

10:13

trying to write with this unstable

10:15

governments

10:16

it matter if it's been difficult for two years i've never

10:19

or two years like it's difficult

10:21

what about his name of along with it southern

10:23

trying about even go to make sacrifices going to work

10:25

at the others were going to wasn't smart that

10:28

we just got a face reality we're spending money

10:30

on the wrong things

10:31

the able johnny darned near the only

10:33

one a farm has been several new

10:35

roads are roads regulate the weren't

10:37

that bad we don't need to do those things

10:40

if he wants you to difficult yes you can make sacrifices

10:42

you gotta decide where you go to put your resources and

10:45

it's or investment the thing but

10:47

not spending money

10:48

should receive select have resigned

10:51

bearing in mind been a we are suffering

10:53

from the consequences of the time

10:55

wait what you gotta make sure

10:57

short term sacrifices for long term benefits

10:59

were in the lego movie would rain

11:01

energy prices are going up since

11:04

he have stayed where he was and sides it

11:06

kind of dealt with it from the inside

11:07

said you'd rather just but not to do that i

11:09

pushed out i don't know that i've never met the amount of don't

11:11

know i'm actually but what i've seen him you seem

11:13

to have the right idea but he sought i'm handicapped

11:16

by political correctness gotten

11:18

doing the right thing i think he's got good intentions

11:21

and good ideas

11:22

how do you think he did during the pandemic

11:25

the body live up to the reason

11:27

to well i think a lot of money was wasted

11:29

no doubt about that am and

11:31

we will learn from that the that it was a unique situation

11:34

that never been having before so

11:37

i think no mistakes made by the gop no doubt about

11:39

it something to got right some is he got rough with an

11:41

excuse that that's necessary you

11:43

gotta go from that you're gonna get our economy

11:46

on a balanced this is not joy for the sake

11:48

of it got about as a big gotta make sure that

11:50

we consume

11:51

the same as we actually produce we don't we actually

11:54

consume what we produced rebecca for by

11:56

borrowing but it's not the way to go

11:58

it's the same as how so you

11:59

the bush

12:00

i'm what do you think then boris johnson

12:02

should do that

12:04

the reason i've been you got a good

12:06

chance and he should have especially

12:08

results any one of these things you don't

12:10

i'm not big issues but assume any over

12:13

anything that will be better for the economy

12:15

and your business

12:17

absolutely long term

12:19

that's what we're thinking about the long term

12:21

is more important the short term we get to the shot him

12:23

the goes a long time out

12:25

that was john elliot executive chairman

12:28

of washing machine manufacturer even

12:31

germany may be about abandon

12:34

it's target of reaching net zero

12:36

by twenty thirty five reuters

12:38

news agency is reporting that it's government

12:41

is preparing a law which will allow it to ditch

12:43

the commitment altogether the german

12:45

government and already decided to restart

12:47

disused coal fired power stations

12:49

because of reduced us supplies from russia

12:52

it's quite a bold move for a german government

12:54

which had promised to be the greenest

12:56

one yet or doctor tough

12:58

yeah yeah see mother is a senior research

13:01

fellow at the oxford institute the energy

13:03

studies class research program

13:06

has you thanks for coming on the program will talk

13:08

about net zero in a moment but just

13:10

festival tell us about how serious the situation

13:13

is across europe when it comes to gas

13:15

supplies from russia the

13:18

evening while europe season of a terrorist

13:20

situation because it really is

13:22

what makes a safe passage in terms

13:25

of energy ask you to through into

13:27

it depends on continued up russian

13:29

gas up snows and now europe's

13:31

been worried that on their bits

13:33

of the sometimes with you says or

13:35

not stream pipeline from russia

13:37

into europe and that is expected

13:40

a plant technical our maintenance

13:42

tend to twentieth of july and is and worry

13:44

how much gas us when slow

13:46

to that pipeline of the maintenance

13:49

and it it's ah it's lowest on

13:51

southern drop or eat they stopped completely

13:53

which completely which think it's the most likely scenario

13:56

i europe worries about that than

13:58

europe will be unable

13:59

storage is before winter

14:02

and that really means ah rationing

14:04

are in winter and is it comes to rush

14:07

in and of course it won't be easy for any

14:09

country in europe but for some countries is going

14:11

to be more difficult than for others and germany's

14:13

man of as huntress i whom it

14:15

would be more difficult than

14:18

for artists ,

14:20

are again the issue is a with

14:22

not stream are pipeline one

14:24

of the reasons is that one of the turbines

14:27

that needed for us to operation

14:29

for pump gas deceptively deceptively

14:32

been on on maintenance

14:34

in canada and it's unable to

14:36

come back because of canadian

14:38

sanctions against and dust from and by

14:40

the way the edu or germany they

14:43

don't have sanctions against and

14:45

gazprom said that turbines been caught

14:47

in sanctions and read it also

14:50

depends what enjoyment and canada will

14:52

be able to to sort this issue out

14:54

at for suicide no sign sign

14:57

of that and customs eighty six and it's signal

14:59

want to have that flowing and

15:02

he should make sure that and section

15:04

stayed that least you'll put ice on maintenance

15:07

of our export or pipeline on

15:09

for germany to now be reportedly

15:11

scoffing it's net zero target by twenty

15:14

thirty five the most does not

15:16

suggest that this is going to be a prolonged

15:18

problem for a prolonged time it

15:21

properly i am sort

15:24

of seen as a perception in germany and

15:26

in in the in the european commission it's

15:28

sort of you know it's almost that you can almost feel

15:30

and made a fat panic read and

15:33

and german government commission they

15:35

kind of concentrate on on short term

15:37

easier and namely have to pass

15:39

through the winter in case there will

15:42

be an interruption of our russian

15:44

a docile saw the production of russian gas

15:46

into europe and out which might

15:48

ask them says on that the have this main

15:50

problem in fox you save the company to

15:52

focus on so long term easiest and

15:54

it's inevitable now really bad

15:57

a decent you level i'm not

15:59

trying to search the i target for emissions

16:01

reductions database missed and

16:04

on germany's as if sat on germany's level

16:06

two mutt that's because they they look for all

16:08

sorts of measures to in a to done

16:10

anything that can the band or instead

16:13

of a natural dot says mr

16:15

a cast can to save for winter and and you

16:17

you mean longer hours for coal plants

16:19

is set to say it's inevitably tool but isis

16:22

targets for twenty thirty plus but then

16:24

it's not necessarily a job doesn't

16:26

started yet for twenty fifty which is off

16:29

long long time had i'm just as you very

16:31

briefly if you could this strike

16:33

that had been proposed in norway that's

16:35

now not going ahead says a little glimmer

16:37

of hope that casio while

16:40

you're at it that what's this continues

16:42

i think that he was going to go had i think it's understands

16:45

been a hold of and it's it's one

16:47

of the fastest in every negative

16:49

factor that indicates that

16:51

supply i can become tighter

16:53

and tighter whether it's a week and doubts

16:55

russian gas lng that

16:57

inevitably creates you know it's just is already

16:59

panicked it's just kind of feels it on

17:02

and of course it's reflected in in

17:04

the proceeds of that the a positive factor that

17:06

keeps on going to have sanctuary when i see oh

17:08

yes the martha thank you so much for coming

17:11

on and telling us about that will that will with energy

17:13

or because oil has it's headed for

17:15

is worth trading day noise three months

17:17

prompting services of a recession

17:20

is now down below a hundred dollars

17:22

a barrel i as joe saluzzi

17:25

from some is trading in new jersey

17:27

in the united states was as a fall in price

17:29

is significant

17:32

the i think it is one of it's the biggest drivers

17:34

here for for people watching their

17:36

spending and when people are looking at inflation

17:39

number so oil has been neo

17:41

was flirting at one point when on the sub two hundred and thirty

17:43

hours a barrel and today we're seeing

17:45

a below one hundred like you said so i think

17:47

it's it's certainly very important

17:50

for corporations and and but more importantly

17:52

for the retail almost for the confidence

17:55

level and people will drive by the gas stations in

17:57

the see the numbers go up a really it's

17:59

your call them to shrink their spending

18:01

and so on and and really pare back and i think as

18:04

you start see will come back down you might see consumer

18:06

confidence go back up again

18:08

you see it coming down at the pumps because

18:10

i have to say in the uk we're seeing

18:12

it carrying on

18:14

getting a lot lot more expensive

18:16

yeah yeah it's it's funny how many goes up he goes

18:18

of a lot fast and when it comes to answer a d it

18:20

takes of honor for the price to come down and

18:22

is to go up so we haven't seen yet a

18:25

little bit actually what we've we've seen a top that's for

18:27

sure you know where i think it's bad down maybe

18:29

fifty cents a gallon since since

18:31

the high have been a month ago he

18:34

does take time to come down and i think so the problems

18:36

on a surly the oil but it's also the refinery process

18:38

and how it can get to the system and

18:41

and that's where we have some bottleneck still and

18:43

if they consent of work that are you might see the price canal

18:45

little faster and and it's a matter of transportation

18:48

so it's by a day will come down

18:50

by the gate if oil comes out continues

18:52

condemned to take some time to come down

18:53

why is the price of oil coming down

18:55

i think recession recessionary

18:57

fears are coming back game where people

18:59

are are getting nervous about growth of

19:02

or unaware of i'm an artist and in the

19:04

us for globally reducing growth concerns

19:06

slowdown potential recession fears

19:08

are coming out there and , growth

19:10

would slow the be energy needed is gonna

19:13

be less and and i dig dig so

19:15

volatile but it's a to follow so

19:17

commodity that he will react will than

19:20

most other commodities and named stocks and bonds

19:22

and so on so it's a good else

19:24

so if i'm looking at all i'm saying that coming down

19:26

there quick maybe they are really there is a recession

19:28

coming in at never the market been struggling with

19:30

over the last two months herself

19:33

is to we have herself is inflation fear

19:35

or do we have a greater recession feeder and spray

19:37

now it's aims a recession fears

19:39

taking over as the primary concern

19:41

what's your biggest their inflation

19:43

or recession

19:45

at this point i believe it or not i

19:47

think they're a little muted

19:49

a day inflation i think is temporary

19:52

you are not i'm very best

19:54

we've seen the peak i say at this point an

19:56

older guy to rak u recession we're ready in a recession

19:59

i don't think so in here when the economist

20:01

but they will label it based on the search statistics

20:04

but what we feel are ready as a slow down and

20:06

seat and in in certain corporations

20:08

in earnings reports are coming out study were

20:10

in a recession now it's just a question of how

20:12

deep will it be if it's a mild

20:14

recession it's only a slowdown that's it

20:16

that's okay the stock market can handle it especially

20:19

because those inflation numbers come and dance and

20:21

will be the best case scenario if it's a much

20:23

deeper recession and you going into going

20:25

a real period and in

20:27

used to have inflation going high when you get the

20:29

worst scenario so i think at this point we're in

20:32

the better scenario but i do think we're we're we're

20:34

kind of bottom

20:35

there's also been trade discussions haven't the over

20:37

the last twenty four hours between us and china

20:40

has there been any fall out on the markets

20:43

of from those

20:43

trade talks

20:45

i think possibly the market

20:47

see that as humans as an anti inflationary

20:49

item where if you chino if you do remove the tariffs

20:52

prices will come down goods will be cheaper

20:54

so that's a good thing for

20:56

for inflation fears you know you too

20:58

worried more about rbc

21:01

competition around the world and and the reason

21:03

why the terrorists will put on in the first place was

21:05

a different story but the market exotics

21:07

saw that today as a good thing as

21:10

that if you can get prices down regardless

21:12

of how you do it that will be good at the stock

21:14

market so i think those talks if they continue

21:16

will be treated as a bullish centimeter the

21:18

stock market that we says silly

21:20

says

21:21

now the african central african

21:23

republic is planning to roll out a new

21:25

digital currency it's cold single

21:28

coin and the country's president says it'll

21:30

be the country's currency for the next

21:32

generation the move comes

21:34

only two months after the country adopted

21:36

bitcoin as an official currency i've

21:39

been speaking to professor copia george

21:41

from cape town university about why

21:43

the government is introducing digital currencies

21:46

i think if you look at this from the

21:48

geopolitical perspective this is this

21:50

initial announcement came shortly after

21:53

the swiss payments system down payment

21:55

system that is used for international

21:57

payments between countries and between banks

22:00

different countries where

22:02

, banks were excluded from this with

22:04

payment system making any transfers

22:08

with russian companies quite difficult difficult

22:10

it is take that and then you take into account

22:13

the wagner group for a mercenary group from

22:15

russia as operating heavily and fall on

22:17

time know in the central african republic and

22:20

it's african republic starts to farm about what might

22:22

be behind this other countries like

22:24

i'm el salvador they have

22:26

taken the lead in adopting

22:28

bitcoin as legal ten nationalism

22:31

is illegal means of payment but

22:33

the results in a solid i have been devastating

22:35

the the population is

22:37

necessary against this experiment

22:40

this basically adopted

22:42

by nobody el salvador

22:44

it's much more suited to using

22:46

bitcoin as a payments instruments

22:49

, central african republic where

22:51

you has vast

22:53

majority of the country without internet and

22:55

most of the of the people in the country without

22:58

smartphones both of which are of

23:00

which prerequisite to transact indices

23:02

currency

23:03

i can ask you how widely it will be used

23:06

because i think only about ten percent of

23:08

your four point eight million population

23:10

of glaxo

23:11

the internet

23:12

the will be used only by a tiny fraction

23:15

of the population the research

23:17

that is coming out of el salvador i'm

23:20

is quite see as that the people were using

23:22

his are rich well educated

23:25

the men

23:26

they are only using it for relatively

23:28

large value transaction so

23:31

you can completely forget about buying a cup of

23:33

coffee using bitcoin the transaction

23:35

time for for for this is about

23:38

and minutes so any transaction

23:40

you'd you do it takes ten minutes

23:42

to complete think about telling

23:44

somebody test it's as if you had

23:47

someone kasem and you have to stay on for ten

23:49

minutes just for to set until

23:51

the transaction can be completed this is

23:53

no way to operate the payments system

23:56

and the country and that

23:58

it's doomed to fail yet

24:03

orange he for the next generation says

24:05

he's

24:06

the c got confidence in it

24:08

my fears that's

24:10

a the the president the government

24:13

and the cia are using this as a means

24:15

of extracting the value

24:17

and revenue from investors and from

24:19

the country it has nothing to do

24:21

with building no reliable

24:23

sustainable infrastructure other countries

24:25

like nigeria , have launched

24:27

the central benefits of fancy are going

24:30

through lots of growth pains to

24:32

gets luskin adoption

24:34

and like that africa

24:36

has been looking at this for many years now and

24:38

we're taking a very slow gradual approach

24:41

to make sure that the technologies fit for purpose

24:44

what the cia are has done is to completely

24:47

nonsense the gun and go ahead

24:49

with deciding on a payment system

24:51

that can't be used by ninety

24:54

percent of the population and

24:56

it has no chance of ever been

24:58

widely adopted in the country so i

25:00

think it's all smoke and mirrors i'm

25:03

in a way to to

25:05

tap into whatever his nest in the

25:07

crumbling collapsing private

25:09

crypto markets and channels

25:12

some of that money to the cia

25:13

potentially quite dangerous

25:15

as well i mean if you look at digital

25:18

assets they've dropped by about

25:20

two trillion dollars since the end of last

25:22

year bitcoins down by more

25:24

than a half since the beginning of this year

25:27

we we have seen these ups and downs

25:29

with with crypto as it's over the past

25:31

four five years several times as much

25:34

it's something completely new but it

25:36

exposes the citizens of a pantry to

25:38

huge risk if a transaction takes

25:40

ten minutes to to be concluded

25:42

that the price of your

25:45

of of bitcoin changes during that time

25:48

that means somebody has to pay for that and

25:50

that means all prices will go

25:52

up if you denotes on your

25:55

you know you goods in bitcoin yeah

26:00

it exposes citizens to tremendous

26:02

risk and it's amplified both

26:05

in el salvador as in the cia are

26:07

when as i you have governments that one

26:09

to buy bitcoins suspect that of

26:11

purposes i'm no

26:14

no that engaged and

26:16

risk management would ever whatever

26:19

do something like that because to risk in

26:21

these assets the so

26:24

unprecedented to no other asset

26:26

class not goldsmith risky currencies

26:28

comes even close

26:30

you don't think

26:31

the economic progress

26:34

i think that the way than c a r's

26:36

implementing digital assets is

26:39

no way to build infrastructure for

26:42

the twenty first century because he

26:44

has to start from principles openness

26:46

inclusiveness cincy privacy

26:48

transparency making sure that

26:51

you know there is no financing of terrorism

26:53

using whatever means of payment you're

26:55

introducing the cia are as a non obvious

26:57

and said didn't have a public dialogue on

27:00

this was decreed by an autonomous the

27:03

from the top down with a somewhat

27:05

slashed website and without any

27:07

substance to it

27:09

the professor copia george from cape

27:11

town university ending this edition

27:13

of well business

27:14

support thank you for listening

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