Pannun issues threat to Kapil Sharma after attack on cafe: ‘Canada not your playground'
'Canada is not your playground. Take your blood money back to Hindustan. Canada will not allow violent Hindutva ideology to take root on Canadian soil under the guise of business,' a report by NDTV quoted Pannun.
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Economic Times
2 hours ago
- Economic Times
Trump backs crypto, Pakistan embraces it. How long must India wait?
Synopsis Pakistan embraces crypto for strategic gains, including potential US favor, while India grapples with regulatory uncertainty and security concerns. Other nations like Bhutan leverage crypto for economic diversification. The US faces scrutiny over stablecoin regulation and potential conflicts of interest, prompting calls for India to establish a clear, comprehensive crypto policy to address financial and security risks. ETtech Photo: Ewan Kennedy A couple of weeks before the Pahalgam attack, something strange happened in Islamabad. Changpeng Zhao, the Chinese-born Canadian businessman and founder of Binance, the world's largest cryptocurrency exchange, agreed to be an advisor to the Pakistan Crypto Council (PCC) in early April. PCC, freshly minted in March, was cobbled together to create a framework for crypto in a country that had until then been notoriously suspicious of digital the time, many wondered what Pakistan's motivation was in welcoming crypto, which officials maintained was a tool to attract foreign investment. In the subsequent months and during Operation Sindoor, it became clear that the move had a strategic angle as well. Pakistan, having signed up with World Liberty Financial (WLF), a crypto company linked to US President Donald Trump's family, was also using crypto to gain currency with the White House. That, along with carrots like a Nobel peace prize nomination for Trump, may have influenced the US's tepid pushback on Pakistan during the conflict. On July 9, Pakistan went all in with President Asif Ali Zardari signing an ordinance establishing the Pakistan Virtual Asset Regulatory Authority (PVARA), 'an autonomous federal body empowered to license, regulate and supervise entities dealing in virtual assets (VA)'.That is quite a move for a struggling economy desperate for bailouts from the International Monetary Front (IMF), but the reality is that Pakistan is not alone in embracing US is racing to legitimise stablecoins—a type of cryptocurrency pegged to stable assets. Almost 98% of stablecoins are tied to the dollar. India's neighbour Bhutan has quietly built bitcoin reserves worth $1.3 billion or roughly 40% of the country's gross domestic product (GDP), according to the Wall Street Journal . Countries like Russia, Iran and North Korea have been using it to conduct business, beyond the reach of the international sanctions countries with a clear agenda—from attracting investment, to sidestepping sanctions, or even currying favour with the world's elite—crypto is becoming a legit play. That has meant that from US to UAE, Singapore to Bhutan, countries have made crypto a part of their foreign and economic policy playbook. The big question: where is India in all of this?'Why does the Centre not come out with a clearcut policy on regulating cryptocurrency?'The Supreme Court's pointed question to Additional Solicitor General Aishwarya Bhati during a May 19 hearing encapsulates India's prolonged struggle with digital assets. The bench, hearing a bail plea in an illegal bitcoin trade case, stated: 'There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade.'This wasn't the first judicial nudge. In February 2022, the apex court had similarly pressed the central government to clarify whether cryptocurrency trading was legal in repeated queries highlight a regulatory vacuum that continues to perplex the courts. India's crypto landscape remains in what experts describe as a 'state of flux' where lawsuits involving fraud get dismissed due to 'a lack of legal status for cryptocurrencies in India'.The Reserve Bank of India's concerns about financial stability continue to shape the government's cautious approach. The central bank fears that cryptocurrencies could undermine its control over money supply and pose risks to financial and monetary stability. This, even as the market regulator Securities and Exchange Board of India (Sebi) has reportedly recommended that several regulators oversee trade in cryptocurrencies. The Centre has to take a clear stance, backed by a well-defined policy vision, at a time when the technology is increasingly exploited by hostile the regulatory framework consists of a flat 30% tax on capital gains and 1% tax deducted at source (TDS) on transactions above Rs 10,000, introduced in 2022. In March 2023, the finance ministry mandated all crypto exchanges operating in India to register with the Financial Intelligence Unit–India (FIU–IND).There have been news reports that India is reconsidering its stance amid growing global acceptance, but a promised discussion paper outlining policy framework options for crypto assets —scheduled for June—has still not been the use of virtual assets for terror financing has been 'overall on the increase', according to a report by the Financial Action Task Force (FATF), an intergovernmental body tracking financial crime, released this week.A country with a history of terror financing that can easily weaponise crypto against India is plunging headlong into it. How long must India wait? Pakistan's strategy extends beyond partnerships, with the country exploring bitcoin mining using surplus energy to create a strategic bitcoin reserve. 'Crypto is becoming a channel for strategic financial flows for Pakistan,' says Anirudh Suri, MD, India Internet Fund. 'For countries like Pakistan, aligning crypto policy with US frameworks isn't just diplomacy, it's a transactional pipe to stay useful to America's geopolitical interests.'Suri points out that's not positive for India by any measure: 'India is trying to choke financial flows to terror groups via FATF and IMF diplomacy, and crypto could reopen that tap.'Subimal Bhattacharjee, an independent adviser and consultant on cybersecurity, defence and technology policy, warns of the implications: 'What are the impacts of rogue elements using it? How do we guard our people against that? The answer to everything is in a coherent and clear crypto policy. To put it simply, we have to make it a regulated entity.'Following the Pahalgam terror attack, India's FIU instructed crypto exchanges to closely monitor transactions, specifically from Jammu and Kashmir and other border regions. Exchanges were directed to scrutinise private wallets and private coins used for person-to-person transfers without blockchain notes that there may be arms within Pakistan's government or military establishment that like open crypto channels—enabling a continued flow of funds. 'For a country like Pakistan, maintaining a fluid stance on crypto allows them to either attract financial flows or pursue other strategic objectives,' he says. While Pakistan's approach raises security concerns, Bhutan presents a different model. The Himalayan kingdom has been quietly mining bitcoin since 2020, using abundant hydropower, accumulating enormous reserves of it. The country is integrating crypto into tourism and its upcoming smart city project, and views Bitcoin not merely as a store of value but as a tool to diversify its Gowdara Shivamurthy, an associate fellow with the strategic studies programme at the think tank Observer Research Foundation, says Bhutan's foray into bitcoin mining is driven largely by domestic economic necessity, to diversify beyond tourism and hydropower, and is meant to curb brain drain. Revenues from mining have already helped them shore up foreign reserves and fund public spending—including significant salary hikes for civil India recognises Bhutan's sovereign right to diversify its economy, there are worries, particularly around reduced hydropower exports, and imports of Chinese bitcoin mining companies like Adani have shown interest in setting up data centres there, and how those moves unfold could shape the long-term GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act—currently pending a vote in the US House of Representatives, expected in the week of July 14—aims to set a regulatory framework for stablecoins in the country. But there are plenty of the US president made nearly $57.4 million in 2024 from his cryptocurrency company, World Liberty Financial, according to the latest disclosures. This is before Trump became president for the second time. The company has floated its own stablecoin, are allegations that the GENIUS law would provide even more opportunities to reward buyers of Trump's coin with favours, including tariff exemptions, pardons and government appointments.A case in point — before the US president's visit to West Asia, MGX, a fund backed by Abu Dhabi, said it would make a $2 billion investment using USD1 into Binance, triggering allegations of conflict of interest.'I wouldn't be surprised if other countries now try to exploit this pathway to gain access or soften the stance of the US administration. Under Trump, the line between strict adherence to global norms and personal or commercial interests appears to have blurred,' says of this should worry India. Observers believe US may leverage its influence within FATF to promote GENIUS, with all its loopholes, as the new global standard for crypto regulation. It is a move especially significant for Pakistan, a country previously flagged for terror financing, which could take a leaf out of the GENIUS Kumar, deputy director for future of money at the GeoEconomics Center of Atlantic Council, says the biggest challenge going forward is fragmented regulation. 'Crypto doesn't really listen to borders. So it's not really a domestic problem, it's an international problem that everyone needs to come together on.'But clarity in policy in India would help resolve the current uncertainty, which often undermines consumer protection, and allows legit crypto entrepreneurs—many of whom have moved operations abroad, or shut down—to work within a well-defined framework.'Virtual digital assets or crypto assets have not been defined outside of income tax and anti-money laundering laws in India. The lack of classification under foreign exchange laws, securities laws, payments laws and goods and services tax creates critical ambiguities. This leads to uncertainty for both businesses and consumers,' says Jaideep Reddy, partner at Trilegal.'India needs regulation around the treatment of US dollar-denominated stablecoins, because it's also a concern of capital flight—money flowing into dollars instead of rupees,' says Kumar. 'India would likely want to create some sort of threshold.'As India's neighbours forge ahead with comprehensive crypto strategies, the question posed by the Supreme Court becomes increasingly pressing. The choice is no longer between embracing or rejecting crypto.
Economic Times
3 hours ago
- Economic Times
Charting the global economy: Trump ramps up tariffs again
Synopsis President Trump revives tariff plans, targeting copper imports with a 50% duty and threatening Canada with a 35% tariff, escalating global trade tensions. These actions occur amidst existing concerns about weaponizing trade policy and potential impacts on capital investment. iStock Trump unveiled a wave of letters again threatening key trading partners with high tariff rates even as he delayed the increased duties until Aug. 1 and suggested that he was still open to negotiations. US President Donald Trump ramped back up his tariff plans with an eye on copper and Canada, deflating hopes that the administration was dialling back its initial Liberation Day levies first announced in said that US imports of copper — a vital component in power networks, plumbing and industrial machinery — will face a 50% duty from Aug. 1. He also threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, following threats to impose a 50% tariff on Brazil over its domestic political Thursday, Trump told NBC News he's eying blanket tariffs of 15% to 20% on most trading partners who haven't been informed yet of their rates. The current global baseline minimum levy for nearly all US trading partners is 10%.Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics: World Trump unveiled a wave of letters again threatening key trading partners with high tariff rates even as he delayed the increased duties until Aug. 1 and suggested that he was still open to negotiations. Still, the US president said the Aug. 1 deadline was 'not 100% firm' and signalled he might tweak the rates further. The Reserve Bank of Australia shocked markets this week by keeping interest rates on hold at 3.85%, despite widespread expectations for a third cut in five months. Central bankers in Israel, Romania, New Zealand, Peru, Egypt, Serbia and Kazakhstan also kept interest rates unchanged. Uruguay surprised with a quarter-point rate cut, while Malaysia lowered borrowing costs for the first time since 2020. Emerging marketsTrump threatened to impose a 50% tariff on Brazil over its domestic political affairs, the most extreme case yet of the US president weaponising trade policy to make unrelated demands. Trump's latest threat, against a nation that sells fewer goods to the US than it buys, risks reinforcing concerns that formal trade agreements may offer limited protection against future tariff hikes. Brazil's annual inflation ticked up further above target, a signal of the long road ahead before the central bank can begin easing sky-high interest US buyers of copper will pay a high price if President Donald Trump pushes ahead with a 50% tariff on refined metal as opposed to products such as wiring, according to producers and analysts. As Trump prepares to slap a 50% levy on imported copper as of Aug. 1, the global supply chain is sweating on details of the measure. US manufacturers secured the business tax provisions they'd hoped for in Trump's budget megabill, but the president's erratic trade policy risks tempering any pronounced pickup in capital investment. Still, some expect any notable upturn in capital expenditures to take longer to evolve because of the administration's frenetic tariff announcements as well as the levies themselves. An assortment of cautionary signals emerged in the latest US jobs report, including weak and concentrated hiring in the private sector as well as a dip in hours worked that underscore a fragile job market. Private payrolls rose 74,000 last month, about half as much as in May. The health care and social assistance industry accounted for nearly 80% of all private sector job growth in June. Excluding that advance, companies added roughly 15,000 jobs — the least in eight months. Europe European Central Bank Executive Board member Isabel Schnabel said there'd have to be a major downward shift in inflation to justify another reduction in borrowing costs, dismissing concern that the economy is UK economy shrank for a second straight month as companies and consumers struggled to bounce back from the blow dealt by US tariffs and a raft of tax increases. Gross domestic product declined 0.1% in May after contracting 0.3% the previous month. Traders have ramped up bookings at German natural gas storage sites, marking a sharp turnaround from earlier this year when the country exited winter with stockpiles at a three-year low and an unusual market structure made refills unprofitable. Asia Weeks leading up to the Australian central bank interest rate decision Tuesday, policymakers sat silent as hot wars in the Middle East and trade wars from the US shook global confidence. That turmoil, along with local data skewed largely to the downside, boosted expectations for a rate cut. So when the bank stunned with a decision to keep rates unchanged, it caught just about everyone wrong-footed. Japan's automakers slashed the price of products exported to the US at a record pace, in a sign that companies are sacrificing profits to remain competitive as Trump's tariffs hit cars. Last month the export price index for vehicles shipped to North America plunged 19.4% from a year earlier on a contract currency basis, the biggest drop in records going back to 2016.
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Business Standard
3 hours ago
- Business Standard
Over 70 arrested at UK protests in support of banned group Palestine Action
More than 70 people were arrested Saturday at protests in the UK against the Palestine Action group being proscribed a terrorist organisation by the British government following a break-in and vandalism at a Royal Air Force base. In London, the Metropolitan Police said 42 people had been arrested by late afternoon. All but one of the arrests were for showing support for a proscribed organisation, which police have said includes chanting, wearing clothing or displaying articles such as flags, signs or logos. Another person was arrested for common assault. A further 16 arrests were made in Manchester, according to Greater Manchester Police, while South Wales Police said 13 people were also held in Cardiff. In London, it was the second straight week protesters gathered to support the pro-Palestinian activist group. Its outlawing has meant support for the organisation is deemed a criminal offense. Police arrested 29 people at a similar protest last weekend. Two groups gathered underneath both the statues of Indian independence leader Mahatma Gandhi and South Africa's first post-apartheid president, Nelson Mandela, in Parliament Square. Signs with the wording I oppose genocide, I support Palestine Action, were held aloft in silence as the protesters were surrounded by police officers and members of the media. Some demonstrators could be seen lying on top of each other on the ground as police searched their bags and took away signs. Officers could then be seen carrying away a number of protesters who were lying down, lifting them off the ground and into waiting police vans parked around the square. The official designation earlier this month of Palestine Action as a proscribed group under the Terrorism Act 2000 means that membership in the group and support for its actions are punishable by up to 14 years in prison. Some 81 organizations are already proscribed under the UK act, including the militant groups Hamas and al-Qaida. The government moved to ban Palestine Action after activists broke into a Royal Air Force base in Brize Norton in Oxfordshire, England, on June 20, damaging two planes using red paint and crowbars in protest at the British government's ongoing military support for Israel in its war in Gaza. Police said that the incident caused around 7 million pounds ($9.4 million) of damage. Four people between 22 and 35 years old were charged with conspiracy to commit criminal damage and conspiracy to enter a prohibited place for purposes prejudicial to the interests of the UK. The four are scheduled to appear on July 18 at the Central Criminal Court in London, better known as the Old Bailey.
