Most existing cryptocurrencies won’t survive, predicts Raghuram Rajan

News Network
November 24, 2021

New Delhi, Nov 24: Former RBI Governor Raghuram Rajan on Wednesday said of the 6,000-odd cryptocurrencies in existence today, only one or two, or at most, only a handful would survive.

In an interview with CNBC-TV18, the former RBI governor said, “If things have value only because they because they will be pricier down the line, that’s a bubble.” 

“A lot of cryptos have value only because there is a greater fool out there willing to buy.” He compared the current mania in cryptocurrencies to the tulip mania in the Netherlands in the 17th century.

“Cryptos may pose the same problem as unregulated chit funds which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved,” he said.

According to Rajan, it was not as if cryptocurrencies had no value at all, just that most of them did not have permanent value. Also, some of them would survive to provide payments, especially cross border payments.

Rajan was not alone in voicing concerns over cryptocurrency dealings in India. RBI Governor Shaktikanta Das recently has also issued warnings on cryptocurrency trading. Das in his address has opined for a strong and formal framework to regulate cryptocurrency dealings in India.  

The Centre is all set to introduce a Bill to regulate cryptocurrencies during the winter season of Parliament. A comprehensive Bill on the digital currencies is likely to be tabled for the Cabinet approval.  

Rajan also said, “In the US, crypto is a $2.5 trillion problem that nobody really wants to regulate,” adding that the problem was partly due to regulators not fully understanding this space and how to regulate it. What governments can insist on is getting information from crypto entities, when crypto entities get too big, government can examine them more closely to ensure there isn’t fraud. This is a situation where at best you can send warnings to the broader public,” he added. 

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News Network
September 17,2022

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Tehran, Sept 17: Iran’s supreme leader, Ayatollah Ali Khamenei, canceled all meetings and public appearances last week after falling gravely ill and is currently on bed rest under observation by a team of doctors, according to four people familiar with his health situation.

Ayatollah Khamenei, 83, had surgery sometime last week for bowel obstruction after suffering extreme stomach pains and high fever, one of the people said. The four people, two of whom are based in Iran, including one who has close ties with the country’s Revolutionary Guard, requested anonymity for discussing a sensitive issue such as Ayatollah Khamenei’s health.

Ayatollah Khamenei underwent the surgery at a clinic set up at his home and office complex and is being monitored around the clock by a team of doctors, the person familiar with the operation said. Ayatollah Khamenei’s condition was considered critical last week but has improved, and he is currently resting, the person said. His doctors remain concerned that he is too weak to even sit up in bed.

As supreme leader, Ayatollah Khamenei wields huge authority in Iran and would be the final arbiter on issues such as the nuclear deal that is currently being negotiated with the United States. A former president of Iran and protege of Ayatollah Ruhollah Khomeini, founder of the revolution that led to the creation of the Islamic Republic of Iran in 1979, Ayatollah Khamenei assumed the position of the country’s top religious, political and military authority in 1989.

Tasnim news agency, affiliated with Iran’s Revolutionary Guard, posted a brief item Friday saying Ayatollah Khamenei will attend a religious ceremony with university students Saturday. But it wasn’t clear if it would take place, given his health.

Ayatollah Khamenei traveled to the religious city of Mashhad about two weeks ago to perform a ritual known as dust cleaning at the Imam Reza shrine in Mashhad. He went into a secluded area of the shrine, cleaned it and placed his head on a tombstone in a sign of prayer and submission. A photo of him at the shrine was published by Iranian media.

He told the people traveling with him that it might be his last time at the shrine, given his age, according to one of the four people, who was familiar with the details of his trip. He got sick soon after arriving back in Tehran, and his situation deteriorated over the past week, the person said.

His office canceled all meetings last week and also an important annual meeting with the Assembly of Experts — the body that will decide his replacement once he dies — on September 6 because he was too ill to sit up, according to the four people familiar with his health condition.

A member of the Assembly of Experts, Hashem Hashemzadeh Harissi, told an Iranian newspaper that “in this round, unlike previous rounds, the members of the Assembly of Experts did not meet with the supreme leader” because it would “be a heavy burden on him.”

Although Ayatollah Khamenei’s situation prompted some speculation in Iran and among opposition groups outside the country in recent days that he had died, the country’s president, Ebrahim Raisi, traveled to Uzbekistan for a regional security meeting, and analysts said he would probably have canceled his trip if the ayatollah’s life had been in danger. Raisi is also scheduled to travel to New York for the United Nations General Assembly, where he will be speaking Wednesday.

Iran usually does not comment publicly on Ayatollah Khamenei’s health. But in 2014, he underwent prostate surgery, and his recovery was widely covered in the official media.

Iran’s UN mission in New York said it could not immediately comment without getting approval from Tehran.

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News Network
September 24,2022

New Delhi, Sept 24: Sources in the National Investigation Agency (NIA) have said that the raids at the premises of Popular Front of India (PFI) conducted earlier this week were named 'Operation Octopus'.

The sources said that all the 300 officials who were pressed into service were asked to keep quiet during the raids as the agencies wanted to uproot the entire network of PFI.

More than 100 PFI leaders and members were arrested and around 200 were detained under 'Operation Octopus'.

The ED and NIA have reportedly claimed that the PFI members were involved in anti-national activities.

These raids were conducted at the houses and offices of top PFI leaders and members in connection with five cases registered by the NIA following continued inputs and evidence that the organisation members were involved in terror funding, organising training camps and radicalising people.

The NIA has claimed that the accused were organising camps for imparting training to commit violent and terrorist acts with the objective of promoting enmity between different groups on the basis of religion.

The probe agency said that violent acts carried out by PFI such as chopping off the hand of a college professor, cold blooded killings of persons associated with organisations espousing the other faiths, collection of explosives to target prominent people and places, support to the Islamic State terror group and destruction of public property have had a demonstrative effect of striking terror in the minds of the citizens.

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News Network
September 15,2022

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Udupi, Sep 15: A teenage boy who was seriously injured after hit by an unidentified lorry on Wednesday September 14, succumbed to his injuries on Thursday September 15 at a private hospital in Udupi.

The victim is Samarth (14), a Class 7 student, son of Prabhakar Kotha. 

Prabhakar Kotha died on the spot when an unknown vehicle, perhaps a lorry, hit him and his son on National Highway 66 at Uchila near Kaup. 

The father and his son Samarth had come from Belagavi on Tuesday night by a government bus after spending Ganesh festival holidays in their home. 

After the tragedy, Samarth was rushed to a hospital, where he breathed his last this morning without responding to any treatment. 

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