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Tough road ahead for India’s Crypto moment

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The Cryptocurrency and Regulation of Official Digital Currency Bill 2021, seeking to prohibit all private cryptocurrencies in India, was set to be tabled in the Winter Session of Parliament that began on November 29. But the Bill did not make it to the table — second time in a year — as the chorus around the legality of digital coins and how to safeguard investors’ money grew louder.

Grave concerns have now been raised over the misuse of digital coins on the Dark Web for terror acts and drugs trafficking by militant organisations, and for money laundering and hawala-based transactions — posing serious threat to national security and a big challenge to the security agencies in India.

While the Reserve Bank of India (RBI) wants a blanket ban on cryptocurrencies, the government remains in a confused state of mind.

From “all windows on cryptocurrencies will not be closed” to “no proposal to recognise Bitcoin as currency”, and “regulating cryptocurrency will have to be a collective effort”, Finance Minister Nirmala Sitharaman and her team is yet to make up their mind as to how to deal with this emerging situation, especially at a time when several countries like China, Bangladesh, Russia, Egypt, Morocco, Qatar, Turkey and Vietnam have banned or prohibited/restricted cryptocurrencies.

Will India finally see a fruitful Crypto Bill, after inserting global knowledge into its clauses as being sought by the government, next year?

According to Subhash Chandra Garg, former Finance Secretary of India and a key figure behind drafting the original Bill, crypto businesses and assets (built on the Blockchain cryptography technology in decentralised databases), including stable-coin currencies, are expanding fast in the world.

“India, though not quite deep into developing crypto platforms like Ethereum or in creating crypto-businesses, has acquired a fancy for crypto-assets of different types. This fascination started with Bitcoin and has now expanded to many other crypto-assets (loosely referred to as crypto-currencies),” Garg told IANS.

Garg sees this fascination continuing in 2022 as well.

“Although, if there is a big crash in crypto-asset prices, which is inevitable sooner or later, Indian investors might bolt from crypto-stables, but only after their noses get bruised,” he warned.

Organisations globally were forecast to spend nearly $6.6 billion on Blockchain solutions this year, an increase of more than 50 per cent compared to 2020, according to the International Data Corporation (IDC).

Blockchain spending will continue to see strong growth throughout the 2020-2024 forecast period with a five-year compound annual growth rate (CAGR) of 48 per cent and reaching nearly $19 billion in 2024.

The deployment of Blockchain technology for cross-border settlement will drive significant cost savings for banks, rising from $301 million in 2021 to $10 billion in 2030 — a whopping 3,300 per cent growth in cost savings, according to a report from Juniper Research.

From an industry perspective, banking leads the way in Blockchain spending, followed by process manufacturing and discrete manufacturing and IT services and business services.

Given its pool of tech talent and early adoption, India will have a crucial role to play in the Blockchain-based financial world order.

“Blockchain-cryptography technology is brilliant and full of promise and the businesses and assets being built thereon are quite valuable. However, there is no good way at present to assess the true value of crypto-assets and businesses. Present prices reflect the euphoria of this potential,” Garg noted.

“Indian entrepreneurs might also be able to unscramble this technology by then and start building good crypto-Blockchain technology service businesses. That would be the beginning of true crypto adoption in the country,” he added.

Amid the growing adoption around Blockchain, the cryptocurrency exchanges have recently mushroomed with deep business interests in mind.

According to experts, the government must not only ensure that investors’ money is safe, but also trace millions of dollars that have been routed via crypto exchanges and platforms that the relevant authorities have no clue about.

A media report said in November that over Rs 4,000 crore of illegal transactions via cryptocurrency exchanges have been unearthed by the Enforcement Directorate (ED) in the last one year.

“The crypto craze has reached Tier 2 and 3 towns and non-regulation of this market of Rs 6 lakh crore size is raising questions on the sovereign authority of the Government of India. Non-levy of GST in various layers of its transaction and non-imposition of income tax with penalty is already causing huge loss to the state and Central government’s revenues,” said New Delhi-based cyberlaw expert Virag Gupta.

The Indian government faces a tough road ahead on Crypto in 2022, and taking the right decision will have to be a collective one.

National

BJP wants to grab land in every UP district, alleges Akhilesh Yadav

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Lucknow, June 28: Samajwadi Party chief Akhilesh Yadav on Saturday launched a scathing attack on the BJP government in Uttar Pradesh, alleging that it was trying to usurp land in every district of the state.

Addressing a press conference, Yadav said the BJP was misusing bulldozers and government machinery, with the active support of party workers and the local administration, to forcibly acquire land.

He particularly pointed to Gorakhpur, the home turf of Chief Minister Yogi Adityanath, claiming irregularities in land registration there.

“The people of Gorakhpur should ask in whose name the maximum number of registries have been done,” Yadav said.

“If the truth about Gorakhpur comes out, the government will have to build a custody corridor there instead of passing on any inheritance. Compensation for land and houses is not being given fairly. The administration is pressuring locals into signing consent papers, using the police to instill fear, just so they don’t have to pay proper compensation,” Akhilesh Yadav alleged.

Accusing the government of cheating locals, he added, “People lost land in Ayodhya, came close to losing it in Banaras, and now Gorakhpur is next. It’s not just Gorakhpur’s land that’s being targeted — this mindset was also visible in Lucknow. Even their own advisor had to resign. I don’t know who he was colluding with — those he aligned with have now fled the country.”

Yadav also took aim at the RSS, criticising its demand to remove the words ‘Socialist’ and ‘Secular’ from the Preamble of the Constitution.

“Those who oppose the reservation don’t say it openly. Instead, they target the concepts of secularism and socialism. Their opposition to reservation is masked in these attacks,” he said.

Yadav accused the BJP and its ideological allies of trying to polarise voters. “They want to get votes by spreading hatred,” he alleged.

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National

Need to educate youth so that Emergency is not repeated: Delhi CM Rekha Gupta

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New Delhi, June 28: Delhi Chief Minister Rekha Gupta on Saturday recalled the murder of the Constitution during the Emergency imposed by former Prime Minister Indira Gandhi in 1975, highlighting the need for reminding youth about the dark chapter of democracy.

“Just as we stage Ramlila every year to tell youngsters that they should not become like demon king Ravana, this annual commemoration of the Emergency is needed to prevent the return of the dark chapter in future,” she said at a mock parliament organised by Mahila Morcha of Delhi BJP.

Highlighting the Emergency-related changes made in the Constitution, forced sterilisation, restriction on media and films, she said, “The Congress has only worked to retain power over the past 70 years. Even in the Shah Bano case, the then Congress government brought in a law to appease a community at the cost of the exploitation of women.”

She described Prime Minister Narendra Modi as “Guardian” of the nation, showcasing his vision to start women-friendly schemes, free cooking gas, toilets, tap water, nutrition scheme for women and the quashing of ‘Triple Talak’.

“It started with Beti Padhao, Beti Bachao and today it is Beti Badhao,” she said, underscoring the encouragement for women in the BJP to take up leadership roles.

“Today, when the country is giving a big role to women in decision-making and governance, we will also need to raise our ability to respond to the situation,” Rekha Gupta said, highlighting that a common worker of the BJP like her could become a Chief Minister.

“Who other than Sonia Gandhi is a prominent woman politician in the Congress?” she asked, urging women workers of the BJP to ensure that they play a significant role to oppose any other attempt being made to impose an Emergency like that by former PM Indira Gandhi.

In Delhi, when people want delivery of good service after 27 years of misrule in the city, we as women politicians must have the capability to understand the needs of people and deliver the goods, CM Gupta said.

Earlier, the Delhi BJP released a short video on its X handle as part of the Emergency 50 protest. The video carried the message: “Democracy wasn’t just paused. It was strangled and put behind bars, beneath fear and silence.”

The video titled ‘Emergency Never Again – June 25, 1975, The night democracy died’ shows a character, purportedly similar to late Prime Minister Indira Gandhi, walking away barefoot, leaving behind footprints on the ground that highlight the dark aspects of the Emergency.

As the character walks onto the screen, the ground highlights: “Constitution Torn, Democracy Strangled, Press Silenced, Voices Crushed, Opposition Arrested, Innocents Jailed, No Right to Life”.

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Crime

Parents of Kolkata law college rape victim should be ready for long battle like us: RG Kar victim’s parents

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Kolkata, June 28: In the midst of the outrage and politics over the rape of a woman in a Kolkata law college, the parents of the R.G. Kar Medical College and Hospital rape and murder victim stated on Saturday that the law student’s parents should also be ready to fight a protracted legal battle.

Their comments came days after a Kolkata-based law college student became a victim of rape within the college premises on June 25 evening.

They stated that the woman’s parents should also be ready for a long battle considering the influential backing enjoyed by the three accused in the case.

The mother of the junior doctor who became a victim of a ghastly rape and murder in August last year, expressed apprehension that like the case of her daughter, there might be attempts to protect the accused in the law college rape case also in the due course.

Hence, they feel that what is required now is a mass movement exactly in line with what happened after the heinous crime with their daughter.

“What is even more shocking is that even after the tragedy with my daughter, there was not enough initiative to ensure the safety of women within educational institutions where they study. The administration and ruling party are now trying to shy away from their responsibilities over the crime in the law college rape. It is natural. But the reality is that the influential backing that the accused persons enjoyed gave them the courage to conduct such a heinous crime within the college premises,” the R.G Kar victim’s mother said.

The father of the R.G. Kar victim said that he fears that like the case of his daughter, there might be attempts by influential people and even a section within the administration to protect the accused.

“So I also feel that the parents of the victim in the law college case should also be prepared for a long battle like us. They should understand that the administration will not do anything and they will have to fight their own battle as we have been doing. What the victim’s parents need now is the spontaneous public support which we have received,” he said.

All the three accused in the case, namely Monojit Mishra, Zaib Ahmed, and Pramit Mukhopadhyay were linked to Trinamool Congress’ students’ wing Trinamool Chhatra Parishad (TMCP).

Pictures of Mishra with different top and heavyweight Trinamool Congress leaders have already flooded social media. While Mishra is a former student of the same law college, the other two are existing students.

All three of them, on Friday, were remanded to police custody till July 1.

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