Ban cryptocurrency, BJP MP urges govt
New Delhi, Dec 12: A BJP MP appealed to the government on Monday to ban cryptocurrency but favoured the use of blockchain technology to improve ease of living and growth.
Participating in the debate on the first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, Shivkumar C Udasi said a lot of people, especially young investors, have booked loss for their investment in crypto following the recent meltdown.
"I hope cryptocurrency will be banned in the country...already RBI has launched e-rupee," he said, adding that even the Parliamentary Standing Committee on Finance raised various issues against such kind of virtual currencies.
He expressed hope that blockchain technology or digital ledger will be used for future development of the country.
Giving an example, he said, blockchain technology can be used to check duplicity in land records.
It is to be noted that the central bank digital currency (CBDC) pilot launched by the RBI in retail segment has components based on blockchain technology.
The Reserve Bank of India (RBI) has launched pilots of CBDC in both wholesale and retail segments.
The pilot in wholesale segment, known as the Digital Rupee -Wholesale, was launched on November 1, 2022, with use case being limited to the settlement of secondary market transactions in government securities.
The use of Digital Rupee -Wholesale is expected to make the inter-bank market more efficient.
Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk. The pilot in retail segment, known as Digital Rupee-Retail, was launched on December 1, 2022, within a closed user group comprising participating customers and merchants.
The RBI has identified eight banks for phase-wise participation in the retail pilot project. The first phase includes four banks -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.
Subsequently, four more banks -- Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank -- will participate in the retail pilot.
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Palakkad: Hotel owners hold protest march against gas price hike
Palakkad (Kerala) (PTI): Hotel and restaurant owners on Saturday held a protest march in Palakkad against the recent nearly Rs 1,000 hike in commercial gas cylinder prices.
The protesters marched through the town holding placards and images of gas cylinders. They also carried two cylinders on a stretcher with a wreath placed on top, according to visuals aired on television channels.
The hotel and restaurant owners contended that it would be difficult for them to sustain their businesses in view of the high cost of commercial gas cylinders.
They said that many of them had been forced to shut their establishments earlier due to the scarcity of commercial gas cylinders, and that most had only recently reopened.
“But the sudden increase in commercial gas cylinder prices has affected our operations,” the protesters said.
Similar concerns were raised by restaurant owners and workers from other parts of the state in response to queries from reporters.
The Kerala Hotel and Restaurant Association had on Friday announced a statewide protest strike on May 6 against the Rs 993 hike in commercial LPG cylinder prices.
KHRA state president G Jayapal said that all hotels and restaurants across Kerala would remain shut on that day in protest against what he termed an “unfair” increase in LPG prices.
He added that over the past five months, the price of a single cylinder had increased by a total of Rs 1,498.
On May 6, establishments will remain closed, and protest marches and dharnas will be held in front of district headquarters and oil company offices, he said.
