Business
RBI hits hard on Bitcoin, DeFi, crypto trading platforms

The Reserve Bank of India (RBI) has slammed unbacked crypto assets (such as Bitcoin), stablecoins and decentralised finance (DeFi) and crypto asset trading platforms, underscoring the need for regulatory guardrails to ensure financial stability and consumer and investor protection.
In its annual ‘Financial Stability Report’ (FSR) 2022, India’s central bank and regulatory body said that the early ramifications are reflected in the crypto ecosystem with one stablecoin losing almost all its value and another depegging from the US dollar.
It referred to the collapse of TerraUSD and Luna cryptocurrencies that threw many investors into a panic in May. In a crash, the once bullish TerraUSD and sister coin Luna had lost almost all their value, sending shock waves across the world.
“Several vulnerabilities associated with crypto asset markets have been highlighted such as linkages between crypto asset markets and the regulated financial system; liquidity mismatch, credit and operational risks, with the potential spillover to short term funding markets; increased use of leverage in investment strategies; concentration risk of trading platforms; and opacity and lack of regulatory oversight of the sector,” the RBI report highlighted.
The International Organisation of Securities Commissions has noted that DeFi is a spectrum and not a ‘binary outcome’, and that some DeFi products and services may retain a level of centralisation through concentrated ownership of the ‘governance tokens’, or by restricting the governance decisions for users.
“The risks associated with DeFi include speculative trading, flash loans, cross-border lending and borrowing, front running, cybersecurity, asymmetry and fraud,” said the RBI.
This has stressed the need for continuous examination of this evolving landscape and its implications for traditional financial institutions.
“The growing threat of the crypto-assets ecosystem warrants drastic approaches by national authorities,” the RBI noted.
Global regulatory efforts continue to focus on risks associated with the crypto ecosystem and the threat of decentralisation.
Stablecoins — whose value is pegged to another asset like a fiat currency or a commodity — are bad investments and are ill-suited as a form of money, Siddharth Tiwari, the Asia-Pacific head of the Bank of International Settlements (BIS), said last week.
RBI Governor Shaktikanta Das said that cryptocurrencies are a clear danger to the financial systems, adding that the world must be mindful of the emerging risks on the horizon.
Finance Minister Nirmala Sitharaman has announced that the RBI will roll out the Central Bank Digital Currency (CBDC) in FY23 that will be based on Blockchain technology.
National
NDA to contest Bihar polls under Nitish Kumar’s leadership: Jitan Ram Manjhi

Mumbai, July 4: Union Minister and Hindustani Awam Morcha (HAM) leader Jitan Ram Manjhi on Friday confirmed that the National Democratic Alliance (NDA) will contest the upcoming Bihar Assembly elections under the leadership of Chief Minister and Janata Dal-United leader Nitish Kumar.
“All the leaders of the NDA have agreed that with five parties in the alliance, including ours, the Bihar elections scheduled for November 2025 will be fought under the leadership of Nitish Kumar. Traditionally, the leader under whom the elections are contested becomes the Chief Minister. So naturally, Nitish Kumar will be our face for the CM post. There is no doubt – we are confident of winning under his leadership,” Manjhi said.
Asked whether he harbours any desire to become Chief Minister again, the 79-year-old leader ruled out the possibility due to his age and current responsibilities.
“As far as age is concerned, I had earlier decided not to be active in electoral politics beyond 75. Still, due to certain circumstances, I contested in 2015 and again in 2020. But now, I am not in a position to contest elections,” he added.
Manjhi said that he “doesn’t consider myself eligible for the Chief Ministerial post”.
“PM (Narendra) Modi has entrusted me with ministerial responsibilities, and I am fully committed to fulfilling them. Even at this age, I am not sitting idle—I’m working hard to strengthen my department. As for the Chief Minister’s post, I do not consider myself eligible anymore. I won’t be able to dedicate the time and energy required, so I have no such ambition,” he said.
He further reaffirmed his party’s unwavering commitment to the NDA, highlighting its contribution and influence within the alliance.
“Hindustani Awam Morcha has four MLAs, one MLC, a minister, and a Lok Sabha member. We have always stood firmly with the NDA and continue to do so. In Bihar, the focus is on development, and under Nitish Kumar’s leadership, the state has seen notable progress in electricity supply, law and order, and education. At the national level, PM Modi has emerged as a towering figure who has transformed India’s image both at home and abroad,” he said.
Manjhi emphasised the power of the “double-engine government” and its appeal to voters across Bihar.
“People here believe that a government led by both Nitish Kumar and PM Modi is best for the state’s future. Every child in Bihar is now thinking that it’s time to support the NDA again. We are united and ready to move forward,” he said.
Crime
Kolkata law college rape: Monojit Mishra made 16 calls in 3 hours, police probe details

Kolkata, July 4: Monojit Mishra, one of the three accused and reportedly the main architect in the law college student gang-rape case, made as many as 16 calls in three hours after the crime incident took place on the evening of June 25.
Those call details are currently being examined by the investigating sleuths, and at the same time, the process of interrogation of those with whom Mishra conversed during that period has started.
The tower locations of the mobile phones of the three accused, namely Mishra, Jaib Ahmed and Pramit Mukhopadhyay, during that period are being tracked by the investigating officials to have an idea of the places they went to immediately after the crime.
Sources said that one of the calls that Mishra made from his mobile phone during that period was to a member of the governing body of the same college. Although the governing body member concerned has already been questioned by the investigating officials, the latter are not willing to disclose anything on the interrogation findings for the sake of the investigation.
This week, the investigation into the case was handed over to the Detective Department of the city police, which has started the probe process by adding new sections against the three prime accused persons.
Before Detective Department took over the charge of the investigation, the three accused persons were charged under sections on rape. However, with the Detective Department taking over the investigation sections relating to abduction and causing injuries with weapons were also slapped on the three.
On Friday morning, around 3 a.m., the sleuths of the detective department reached the campus of the law college in Kolkata along with the three accused for reenactment of the incident.
Sources said that the findings of the reenactment process will be cross-checked with the statement given by the victim soon after the event of sexual harassment took place last week. Earlier, a member of the special investigation team, which was initially investigating the matter, had gone to the college campus with the victim for reenactment purposes.
The woman, a student of the South Calcutta Law College, was allegedly raped by two senior students and an alumnus of the institute in the guard’s room on June 25. Apart from the three, the college guard has been arrested in the case so far.
National
Op Sindoor an example to show when fight to maintain Swaraj is needed, says HM Shah

Pune, July 4: Union Home Minister Amit Shah on Friday said the responsibility of creating the India of Shivaji Maharaj’s dreams rested with 140 crore Indians, and sometimes, there is a need to fight to protect our ‘Swaraj’. He cited Operation Sindoor as an example of this.
“When there was a need to fight for Swaraj, we fought. If there is a need to fight to preserve Swaraj, we will fight. Operation Sindoor is an example of this. But alongside Swaraj, the idea of a great India also encompasses the concept of Shivaji Maharaj,” he stated in his speech after unveiling the statue of the great patriot and symbol of Maratha pride, Shriman Bajirao Peshwa, on the premises of the National Defence Academy.
Chief Minister Devendra Fadnavis, Deputy CMs Eknath Shinde and Ajit Pawar, Higher and Technical Education Minister Chandrakant Patil, and Union Minister of State for Civil Aviation Murlidhar Mohol were among others present on the occasion.
“Our goal should be to create an India where we are number one in the entire world. If there is a personality that inspires effort, dedication and sacrifice for this, it is Shrimant Bajirao Peshwa,” he noted.
“PM Modi has given the formula of development and heritage. There have been many personalities in our thousand-year-old culture who keep inspiring us. Their history needs to be given to today’s youth. Bajirao never fought for himself. He fought for the country and Swarajya. The British distorted history. Despite having so much prowess and power, Bajirao was a lifelong Peshwa. He fought for Swarajya. In his 40 years of life, he wrote an immortal history that no one will be able to write for many centuries,” said the Home Minister.
“The inspiration that will come from installing the statue of Shrimant Bajirao at the National Defence Academy, where the chiefs of all three armed forces train and graduate, will ensure that no one can touch India’s borders,” he asserted.
“Some rules of the art of war never become outdated. The importance of strategy in war, the importance of swiftness, the spirit of dedication, the spirit of patriotism, and the spirit of sacrifice are important. These are what lead armies to victory; only the weapons keep changing. The most exemplary embodiment of all these qualities in 500 years of Indian history is found only in Shrimant Bajirao Peshwa,” said HM Shah.
He further stated, “Shrimant Bajirao Peshwa fought 41 battles in 20 years and did not lose a single one, a record no other commander could match. The most fitting place to install the statue of such a brave warrior, who never let defeat come near him until his death, is the National Defence Academy.”
He said the land of Pune is the birthplace of the values of Swaraj. In the 17th century, it was from here that the concept of Swaraj spread across the nation.
“When the time came to fight for Swaraj again in the face of the British, it was Tilak Maharaj who first roared like a lion — ‘Swaraj is my birthright’. The example of how much a person can do for their country in their lifetime was also set by Veer Savarkar from this sacred land of Maharashtra,” he added.
HM Shah also connected Bajirao’s legacy to the broader historical context, crediting the Maratha warrior and the Peshwas for preserving India’s cultural and structural identity through their resistance against external forces.
He stated, “Had the battle for Independence that was started by Shivaji Maharaj and taken forward by the Peshwas for 100 years not been fought, India’s basic structure would have ceased to exist.”
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