Hello and welcome to news break at seven. I'm via our top focus this evening, all set in New Delhi for the G 20 leaders meet and all eyes will be on the outcome both symbolic and substantive. From that leaders meet, One big focus point is a possible global framework on Cryptocurrency. Of course, digital public infrastructure, fintech and financial inclusion are considered important legacy aspects of India's G 20 presidentship. But the Cryptocurrency conversation is being keenly watched. NTV's Sunil Pra decrypt the crypto conversation for us. New Delhi seems all set to give a go ahead at the G 20 summit for a global regulatory framework and a template to deal with crypto assets, informed sources say. World leaders are expected to sign off as a consensus has emerged on how the world should approach dealing with crypto assets responsible. Global governance of fintech and artificial intelligence has been high on India's G 20 agenda. New Delhi took the lead in bringing out a consensus based on papers presented by the IMF and the Financial Stability Board. Sources say the expected framework will provide guidance to deal with risk both financial and regulatory related to digital currencies India's approach is based on the fact that in the case of digital assets they are borderless, no regulation can work in isolation and a coordinated approach is required. Something Prime Minister Narendra Modi has been emphasising. I just a Cryptocurrency is integrated. Approach is is a global framework stakeholders artificial intelligence collectable. You see, Finance Minister Nirmala Ramon, who has been working with other finance ministers, had recently agreed for a global approach to deal with new FINTECH companies crypto threat as well as an opportunity. But crypto is also an example that I use later to say how and lets go of global cooperation. So building a responsible financial ecosystem is important. It has to be therefore going back to the title. It has to be therefore inclusive. It has to be resilient and it has to be sustainable. India's presidency has put on table in the G 20 issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets. Consensus is also emerging on greater leverage of capital for multilateral development banks. India has been keen on a declaration incorporating all points of synergy, shared purpose, shared, shared prosperity, and shared future. Despite Russia and China having issues with food and energy issues and dealing with global debt. The final outcome of the agreed tax or declaration will be left to world leaders who will work on the emerging consensus to ensure that they can send a message across to the world on their approach towards new age technologies and companies with camera person Sunil Prat. So what does this mean in the road ahead for crypto? Joining us now is Vishwa, a nay banking editor of our sister Channel BQ Prime Visi. Could you break this down for those of us who are not so clued in or following that crypto conversation when we talk of a global template for regulating crypto, what would be the key elements of it? Why is this essential globally and specifically important to India? So as we know that the crypto in the form that it exists today is neither cash nor is it technically a security. It's at this point in time a trust based mechanism that exists between multiple people and these people can be in various parts of the world at the same time transacting in these cryptocurrencies now a global network of regulation is essential because that's the only way that if money leaves India and goes to, say, the US or Europe or any other country in the part of the world in any part of the world, then regulations will be able to a crack it better and then adequately take any action that might be necessary in the jurisdiction that this money has gone into. Now, this is all assuming that some of these transactions may not be strictly legal in any manner. Uh, we don't know if all transactions are legal or illegal at this point in time. Uh, because there's no there's no clear regulation that exists in any part of the world at this stage. The US has made some sort of strides in trying to come up with a set of guidelines. India is also sort of bringing up this issue during the G 20 meetings. So we have to see if there's a global consensus on how to treat cryptocurrencies in every part of the world. Uh, how does uh Shi, how does the RB I's thinking factor into all this? So you know, the RB is very, very clear they really do not like crypto Uh, the RB. A governor has said more than one occasion, uh, that there is no real basis for cryptocurrencies to exist. Uh, it it he has likened the, uh, the sort of, uh uh, you know, interest in cryptocurrencies. The popularity of cryptocurrencies do the same thing as the tule of mania, uh, which happened a couple of centuries ago. And the idea is here, or the the fear that the RBA governor and the RB in general have, uh is that people will be sort of left stranded when things go bad because there is no real central, uh, governing, you know, regulator for CRYPTOCURRENCIES. Nor do the people who believe in crypto believe in any kind of regulation itself. Uh, so that is what the Reserve Bank of India's view is. It believes that cryptocurrencies should be just be banned. Uh, the government is slightly more measured in this manner because in India it is quite popular amongst users, so they are waiting for a sort of, uh, regulatory framework to come up. Thanks so much. Vish A Nay, the banking editor of BQ Prime, but also joining us this evening Philip Cheo, chairman of Barra We three association, and Manar Gareth from the Indian Liminal Custody Solutionss Thank you for joining us. Obviously we are dominated by jargon like Cryptocurrency DPI, fintech, financial inclusion All that conversation around the G 20 presidentship of India. My first question to you, Philip again break down for us the importance of a global framework. And what does that mean for crypto trade itself? Thank you. And, you know, I like, uh, said that, uh, the crypto assets are pretty, you know, mobile, they can go across Borders. Uh, there is a lot of an anonymity about them. So the globe and you know, all the banking community and the central bankers, et cetera, and the prime Minister. And you heard the prime minister speak earlier on your show. And, you know, the finance Minister have said that there is a need for a global regulation to actually address the challenges of crypto. There are three broad areas that you know we're looking at global impact. The first is in the whole financial stability, you know, because crypto are normally bought and sold in dollars. And you know, there are some emerging and developing economies where don't have convertible currencies. If their you know residents start investing in this asset, then will it lead to a global organisation of the economy? The second is that, uh, relating to stability is that if there's too much, you know, crypto is used as a currency, right? And you know, we are not talking about that. But if it is, then how does it impact money supply the third? The second issue is really how do you protect consumers? And the major issue which a lot of countries have taken is, you know, like it was said that it is a very is a form in which there's money laundering possible There's terrorist finance possible. And the FA TF in different countries are looking at risk, you know, how do you take suspicious targets? Suspicious transactions? How do you report and how do you address them? So financial stability, globalisation and, uh, customer protection and, uh, terrorist finance. OK, that's important. Those points that you made there, but from an India point of view, Manar, what does this mean? A. And I also want to take the conversation beyond just crypto because much of the G 20 conversation, as far as India's leadership is concerned, is around the DP, the UP I fintech and financial inclusion. Yeah, so from an India perspective, um, um, we've seen a lot of adoption happening in the country. There are already a lot of businesses, uh, who have built There are, in fact, a couple of unicorns as well in our country. Right. Um, so that piece is already there, but from an India perspective, Uh, because the fintech, because the developers, Because our you know, our mobile penetration our internet penetration is so high in India is at the cusp of this entire software development revolution. And when a technology like Web three comes in or a Cryptocurrency comes in, it becomes extremely important. Which is why we've seen the the sort of reserve stands right. Despite the RBIs Uh uh, very, uh, sort of voiced opinion on trying to ban crypto. We still have a measured view. And there was this call for a global regulation outside of, uh, you know, this this, uh, crypto piece, um, the UP i et cetera. So the biggest piece that emerges from this is that you do not need Cryptocurrency for payments because India has created UP I India has created so many fantastic payment rails, and this is clearly outlined in the FSB report as well. Uh, that, uh, they do not want to, uh, to encourage any country to basically use crypto as a legal tender. Hm Hm hm. Right. Uh uh uh as you say that Manard Dilip, what's next? As far as the UP I story is concerned, uh, obviously it's got to evolve further from here, So So if you look at the, uh, the UP I and the announcements that actually came in here, there are five different things, and the next step that the UP is looking, one of them is tap and pay. The second one was actually looking at the NFC, uh, phones being allowed to use, uh, the UP I and they're developing a product, Uh, for that. And the third is the UP I light and and and and a variation of UP I light on on for NF. NFC enabled phones. So the UP has actually launched five or six new actually functions which take the penetration further down into the different levels and types of phones that are there and also, you know, creating a safety feature in them and making it easier for us to use it. Because currently you have actually enter a pin. You have to do all sorts of other things, and a tap and pay would actually simplify it. They're also linking it to the credit card and the other framework. So great. And also India is pushing bilateral agreements with different countries, especially where there are a lot of non residents Indians to enable them to remit money back. Uh, using that product, right? That's interesting. All these points, my last we're completely out of time. Last question to you, Manha As somebody who follows crypto very clearly when you talk of this global regulatory framework, how hopeful are you? And what would what would be that? One or two indications that you would look for concrete sort of facts that you would look for. So, um, uh, the the paper itself is a very big encouraging factor. It's a huge milestone because we've had a lot of small regulations mushrooming all over the country. Uh, the Payment Services Act in Singapore has licenced exchanges. Uh, India has a lot of regulations around taxation we've also had. So it's all been very fragmented the moment you have a global, singular voice on how the country should basically look at this digital asset and how there should be a coordinated activity along with the development road map. So the FSD is actually given a development road map. They have identified all the key bodies who will be responsible as well. Uh, this is hugely encouraging. Uh, and this essentially gives, uh, you know, takes away the opaqueness from the regulatory aspects of crypto. Uh, it tells you that, uh uh, now, uh, rather than having separate, uh, different kinds of regulatory, uh, you know, interventions, you're going to look at it a singular voice. It gives businesses a lot of confidence. It gives investors a lot of confidence. It gives developers and founders startup founders a lot of confidence. So, uh, it's a great milestone achievement. We are possibly looking at the future of money in this conversation and all these regulations that we are talking about. Thank you for joining us. We'll keep a close track of developments on that. But from Cryptocurrencies now to the political confrontation between the Dravida Muar and the Bar Anata Party Tamar, chief minister and DMK chief MK Stalin today came out strongly backing his son with any of these Stalin's comments on sand. He further hit out at Prime Minister Modi for not verifying what he called quote unquote false narrative. This comment is in response to reports that the prime minister had told his Council of Ministers that there was a need for a proper response to the San Nathan controversy. Stalin also slammed the UK government for allowing to be filed against U Stalin and said his son and cabinet colleagues' comments on Sanna was consistent with the party's ideology and was aimed at eradication of caste and regress of practises. Remember then, the Stalin had said at a writers' conference that Santana must be eradicated. Meanwhile, DMK MP A. Raja today reportedly said that Santana was like HIV in the context of the social stigma it has led to and discrimination suffered by those from the schedule cast. He was speaking at a conference in Tamanna. Sharp reactions came in from the BJP to those comments from Chennai. This is utterly disgusting. HIV medicine or brain damage, a permanent word or you know or OR a The alliance I full stop N! Full stop D! Full stop! I full stop a The country and all Indians are disgusted by this kind of statement. Or you you do HIV aids Hindu, Hindu, Hindu. The man so much remember, the DM on its part is firm on its ideological position and the context in which it's making these comments. Leave that politics aside for the moment, it's time for the Javan. The SRK star hit theatres today amidst all the fanfare from the North to the South. SRKM Theatres well known South Indian director Atley Film also stars Summer star Vijay, Seth and Jaan is in over 10,000 screens all over the world today. It has already sold over three LAC tickets for day one. So is going to beat Patan. What's the verdict? And are we firmly in the age of Pan? India star cast in blockbuster Indian cinema, joining us this evening, Tara Nash, who observes Bollywood very closely. Taran, my first question to you. We saw Jackie Shroff feature in jail. Rajhi Khan's jailer. You saw Salman Khan also do a cameo in Patan. Now you have Shahrukh Khan's you know Javan with which I said to Are we talking of an era of Pan India star cast coming in to Bollywood and other cinema? Well, I, I wouldn't say it's a new trend. Uh, if you go back Two decades earlier, there was an Amita Bachan films called G Star which starred Amita Bachan. Of course, along with Rajni, Khan, Sahab and Kamala. And it was a huge success. Uh, not just in, uh, northern India, but also in southern India. Uh, I know this for a fact because my father was a distributor of G and Tamil Nadu and Caravan. Having said that, I think, uh, yes, Uh, the the trend, as you rightly put it, is, uh, re emerging on the scene right now. And I think it's a great trend because, you know, why should, uh, talent be relegated to just one particular region or one particular territory? I think we need to acknowledge we need to accept. We need to respect talent from across the country. There are there are so many talented, so many supremely talented people across our country and in various industries, and we should tap that talent, talent, tap that talent and showcase their skills on the big screen. Yeah, you know, the interesting aspect is that you've got a South Indian director. You've got a South Indian music director. I know this trend was there in the eighties. Ham. You had Rajni Khan star with all that. But you've not seen this kind of collaboration, at least from my point of view. And that's very interesting because your sense disabilities are using a Shahrukh Khan from a Southern sensibility director point of view. So it's just fascinating in terms of Pan India cinema. Let's just listen to what Music Director a told Sam Daniel, our correspondent in Chennai, this earlier in the day, and come back to you joining us now Mr Was scored Music for Javan Thank you very much for your time. How special was this film for you, sir, it is. It's a very proud moment from Tamil Nadu to go and score for a Bollywood film and my first film so very, very excited And this was like watching in a single screen somewhere in the north. So I think audience of la we already seeing online The response is crazy. So yeah, how was it to watch the first day show with fans so crazy I didn't expect this kind of response in Chennai. I'm sure up north and all the all over the world, it is going to be even more crazy. So thank you. Thank you to the audience for this jail jail. And now, how does it feel to see many South Indian films from Tamerlan in particular, going pan Indiana? So I think today's day and age we are We are very lucky. So because there's no language barrier I think we are, I think even for me as a musician, I think being in music right now is the best time to be. It's a golden period and yes, and continuously, I think I think we are blessed and we are doing our best to deliver and thank you to the audience for Tam. You heard a there. You know, I just want to quickly ask you two questions and I want two quick answers for it. One. Do we expect to see more of the South North collaboration as we go along and B versus Ja. Where does Jaan stand? Ok, uh, coming to your first question, uh, more, uh collaboration in the future. Yes, definitely. Uh, but, uh, has opened new doors. Uh, and I'm sure a lot of producers a lot of actors would be looking in that direction in times to come. Uh, to, uh yes, it is Sharo Khan versus Shahrukh Khan. As of now, Uh, as far as the Hindi sector, as far as the Hindi region is concerned, Hindi language is concerned. Pathan holds the record for the highest opening day number in India. That is 55 growth net. And, uh, looking at the trends today, I'm very confident that the Hindi version Day One business I repeat the Hindi version Day one business of Javan would be anywhere between 65 to 70 growth. So it's a big leap, and I'm sure this is the way forward. Right now it's It's a new benchmark, as I said, and, uh, who knows? I mean in future 70. Could be, uh, then maybe it would be surpassed in the maybe by Shahrukh Khan's new film or Salah or animal or any other forthcoming films. Yeah, when you break the language barrier and geographical barriers, money can pour into cinema. Well, that's what perhaps Indian cinema is trying to do. Remember in all this talk and I don't want to forget Vijay SEPA, who's really establishing himself as a fascinating star across India as well. Thank you. Thank you so much for your thoughts. We That's all we have time for on the show. But we're going to leave you with celebrations of SRKS Joan in Bengaluru. Our correspondent Pratibha Rahman captures the madness that played in Bengaluru theatres when it comes to Shahrukh Khan's fandom. Well, Bangalore has no dirt of SRK fans, and I'm here in one of the theatres in Bangalore, all of them eagerly waiting for Jama's release. In fact, it's now the interval and all of them have come out here to speak a few words about the movie. A a wow! Thank you, thank you! Thank you so much. I see is of the three cheers for the movie Javan. Hi, Right There you go. That's the energy that you see for Sharo Khan's movie Javan in Bangalore. The camera person Kumar Karaman in Bangalore, for instance,
