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Crypto Is similar to a Ponzi Scheme: RBI Deputy
T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), said on Monday that cryptocurrency is similar to or even worse than Ponzi schemes and that banning them is the most rational solution for India. He believes there are compelling reasons for cryptocurrencies to remain outside of the official financial system.
“Cryptocurrencies are not amenable to definition as a money, asset, or commodity; they have no underlying cash flows, no intrinsic value; they are equivalent to Ponzi Schemes, and possibly worse,” Sankar remarked at an Indian Banks Association event.
A Ponzi scheme is a type of deception in which cash from new investors is used to pay gains to previous investors. It earns very little, if any, money legally.
“Virtual currencies risk a nation’s monetary integrity and leave it vulnerable to strategic manipulation by private corporations that create them or governments that control them. All of these facts point to the conclusion that outlawing cryptocurrencies is the best option for India The Deputy Governor of the Reserve Bank of India (RBI) stated.
‘Be cautious while dealing with cryptocurrency.’
Sankar went on to say that crypto-technology is based on a philosophy of avoiding government regulations. They were created with the express purpose of avoiding the financial system’s regulation. These should be sufficient grounds for caution.”
“They jeopardise financial integrity, particularly the KYC regime and AML/CFT requirements, and may encourage anti-social behaviour.” More importantly, they have the ability (and will most likely do so if allowed) to destabilise the currency system, the monetary authority, and the financial system.
Sankar expressed concern about the banking sector and the government’s ability to oversee the economy in general.
He cited a Wall Street Journal storey to say that illegal cryptocurrency trades totalled $14 billion in 2021. According to industry estimates, there are roughly 15-20 million cryptocurrency investors in India, with total assets of around $400 billion.
According to the RBI, the average holding remains low at $1,566, implying that “asset loss, if it is a possibility, will likely affect only a tiny fraction of these investors.”
Last week, RBI Governor Shaktikanta Das issued a strong caution against investing in cryptocurrencies, claiming that they lacked the “worth of even a tulip,” referring to a speculative bubble that engulfed the Netherlands in the 17th century.
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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe
The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.
Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.
An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.
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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations
The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.
According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.
The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.
Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.
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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election
The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.
Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.
Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.
As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.
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