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
November 25,2021

Riyadh, Nov 25: The Kingdom of Saudi Arabia has finally given green signal to people from six countries including India to directly enter the country without having to spend 14-day in quarantine in third country.

The other five countries are Pakistan, Indonesia, Egypt, Brazil and Vietnam.

The Saudi Press Agency reported quoting an official source at the Ministry of Interior that the new directive will come into effect from December 1, 2021.

All those who come from these countries are required to spend five days in institutional quarantine, regardless of their immunization status outside the Kingdom, the report said.

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News Network
November 19,2021

Lucknow, Nov 19: Prime Minister Narendra Modi on Friday said that the previous regimes had 'looted' Uttar Pradesh, even as he sought to woo Muslim women by referring to the law against triple talaq.

In his first public meeting at Mahoba, after announcing scrapping of the three farm laws, Modi made no reference to them but listed the measures initiated by the government for the benefit of the farmers.

"They (opposition regimes) never got tired of looting UP and we never get tired of working for the development of the state," the prime minister told the crowd after inaugurating several developmental projects at Mahoba.

Modi said that he had promised to the Muslim women of Mahoba a few years back that the government would scrap the menace of triple talaq. "The promise has been fulfilled," he added.

He said that the natural resources of the Bundelkhand region had been handed over to the mafia elements by the previous governments. "Now when the mafia elements are being bulldozed their sympathisers are feeling the pain," he said.

The prime minister said that his government had taken several steps for the welfare of the farmers. "Rs 1.62 lakh crore has been sent directly into the accounts of the farmers through the PM Kisan Samman Nidhi," he added.

Modi also said that the government had initiated several measures to prevent migration from the arid Bundelkhand region.

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News Network
December 2,2021

New Delhi, Dec 2: India on Thursday reported 9,765 fresh Covid-19 cases and 477 deaths linked to the virus in the last 24 hours, according to Union Health MInistry.

As many as 8,548 recovered from the disease. The active coronavirus caseload in the country currently stands at 99,763.

Kerala alone reported 5,405 new COVID-19 cases and 403 related deaths in past 24 hours.

According to the state health bulletin, 307 deaths were added to the daily numbers in accordance with the new guidelines of the central government. The death toll in the state stands at 40,535. The state has 44,124 active cases.

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