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Crypto Is similar to a Ponzi Scheme: RBI Deputy

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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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Concerns Are Raised By A Neglected Area Outside The East Exit Of Vashi Station By Passengers

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A neglected area outside vashi station was the issue of concern.

The Issue

While most commuters get off the subway facing the Vashi station’s Raghu Leela side, a sizable portion of travelers also use the station’s eastern side to get towards Sanpada. The neglected state of the outlying lands outside the station on this side has drawn the attention of locals and commuters alike.

Several complaints have been made by commuters, who list numerous problems with the area. Under all that debris, they noticed that wiring and plastic tubing were left unsecured, and there was a pedestrian bench.

A daily commuter stated, “Authorities have turned a blind eye to this problem even though it’s right under their nose. This side does not receive heavy footfall like the other side of Vashi station does one is concerned about the aesthetics of this area.”

“My son studies at Father Agnel High School and my office is in Vashi. When we pass by this area in the morning, I have noticed slabs that have caved in; this has become a hazard for people walking here,” a Sanpada resident remarked. Additionally, there is an overabundance of bushes and plants next to a bench that was supposed to serve as sitting. A renovation is desperately needed in the area.

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As The Lok Sabha Elections Draw Near, The Navi Mumbai Police Are On Guard

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The Navi Mumbai Police has stepped up its efforts to maintain peace and order as the Lok Sabha elections get closer. The police have sprang into action with the adoption of the Code of Conduct, organizing six teams to target illegal activity within the municipal borders.

Preventive action has been taken against 270 people, and 663 guns belonging to license holders have been gathered, according to Special Branch Deputy Commissioner Prashant Mohite. Given the presence of political personalities and activists with criminal records in the city, this proactive strategy tries to avert any problems during the elections.

A total of 270 people have been subject to preventative action under Sections 107 and 110 since the Code of Conduct’s inception. Six people with criminal backgrounds have already been removed from the city and district, and the police are aggressively seeking more. In addition, there are currently 15 to 20 more culprits to find and prosecute.

The enforcement of the code of conduct will be handled by a specialized squad that will concentrate on transportation, illicit liquor manufacture, and drugs. In Kamothe and Panvel city, code infractions have already resulted in the registration of cases.

Navi Mumbai Police will be augmented by forces from the Central Reserve Force and Home Guard to strengthen security during the elections. People are urged to report any anomalies using the Election Commission’s C-Vigil app or the police, and Deputy Commissioner Prashant Mohite promises that concerns will be handled quickly.

As part of its efforts to suppress illicit activity, the police have recovered 3409 liters of booze valued at Rs 3.54 lakh in addition to large amounts of narcotics including MD, LSD, ganja, and charas. In addition, 23 distinct kinds of firearms have been seized, demonstrating the police’s dedication to guaranteeing a secure and impartial voting procedure.

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Dry Coconut Tree Leaves And Other Trash Cover The Footpath In Sanpada

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The Sanpada residents expressed frustration over tree leaves & trash covered on footpaths.

In Detail

The deteriorating state of the footpath along the Palm Beach bridge, which is close to the NMMC garden plot, has disappointed the residents of Sector 13, Sanpada. In Sanpada, on the other side of the nullah. Now it’s just a dump on the path. Garbage, dried coconut tree leaves, and other stuff are merely laying there while people go by, demonstrating the authorities’ indifference.

Residents have reported that dried leaves, trash, and abandoned objects have been visible along the path for over a month. They have also mentioned that men urinate oneself close to the walkway because it is relatively empty after dusk.

“I pass by this area every day; the palms from the coconut trees on this small garden plot of NMMC have fallen on the footpath for quite some time and no effort has been made to send sanitation workers to pick them up and take them away,” said Sayali Rathore, a resident of Sector 13, Sanpada.

Locals have voiced their concerns over why, despite having sufficient staff to address the issue, local pockets in less-frequented regions are becoming untidy and messy, given that Navi Mumbai is the third cleanest city in India.

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