Regulating Crypto; China Threat; Stopping Boats
Opinion Watch
Regulating Crypto
More than two years ago, Union Cabinet had discussed intent to legislate to regulate the crypto-currencies. Since then the government conveniently forgot the legislation intent, and now has come out with measures to bring the money laundering lens to check for illegality.
The Economic Times in an Editorial has called government’s move crypto evangelism. The business daily has struck the tone that it’s better than an outright ban on cryptos or doing nothing. The daily stated that the crypto exchanges will now have the task to report transactions, while the income tax provisions already apply on individuals.
Efforts are essentially knee-jerk to regulate crypto currencies. First by speaking from the stage meant for Cabinet briefing, the government went chest thumping to tighten the screws on crypto currencies, only to shut eyes even after a bill had been drafted, while choosing alibi of the need for multilateral interventions. Cryptos have no underlying value, while being power guzzlers and also addictions for gamblers. They test the might of the sovereign powers, who remain clueless on way to deal with a parallel currency system.
China Threat
With Russia-Ukraine War template, the US intelligence assessment report, said The Asian Age in an Editorial, prophesizes India-China War in future with wider flare up. The daily has sought more focus on the call of Chinese President Xi Jinping for use of technology in winning wars.
The daily has attributed to the warmongering by the West to Xi’s scathing attack on the US for its stake in the Indo Pacific. It has also stated that a war across the Himalayas and an invasion of Taiwan could at best be in the realm of possibilities than immediate realities.
China worldview is essentially made of its paranoia of enemies on border, feeding from its history when the barbarians scourged the mainland. Xi has exceedingly centralized power as well. His third term later this month will commence when the West is gung-ho on war, and multilateral institutions have become irrelevant. India should see the light of the day and walk own path.
Stopping Boats
The UK Politics for years has fed on anti-migrant sentiment, and Rishi Sunak, the prime minister, too is playing to the gallery with his ‘Illegal Migration Law’. The move is to stop the people coming to the UK on boats to seek asylum.
The Hindu in an Editorial has quoted the UK minister Suella Braverman, who is known for her anti-migrant politics, saying that such people would either be sent back or transported to a third country such as Rwanda. The Chennai-based daily said that most of the 45,000 people who came to the UK last year may have been economic workers.
The UK has failed to convince more than four lakh people who have taken early retirement to return to work. The UK economy is slumping because of shortage of workers. That calls for Sunak to embrace reality and move on.
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