As India is mulling new rules for digital money, Prime Minister Narendra Modi has called for regulations to ensure cryptocurrencies like bitcoin do not “end up in the wrong hands,” warning that this could “spoil” young people.
While he did not expand on those concerns, Modi spoke on Thursday about the need for “democratic nations” to band together and deal with challenges posed by emerging technologies. He was delivering a virtual address at the Sydney Dialogue, an annual cyber-tech summit.
Noting that technology and data could either become “new weapons” for conflict or “instruments of cooperation,” Modi brought up digital currencies as an example of how it was important that like-minded nations “work together on this” to “ensure it does not end up in the wrong hands, which can spoil our youth.”
We are at a historic moment of choice. Whether all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion or choice, domination or development, oppression or opportunity.
He also urged the development of technical and governance standards and norms, singling out the use of data, and called for renewed efforts to prevent manipulation of public opinion. In recent weeks, Indian authorities have raised concerns over claims of huge returns from cryptocurrency investment as well as its potential connections to money laundering, organized crime and terror financing.
On Saturday, Modi chaired a meeting to formulate the country’s approach to digital currencies and examine their impact on the economy. According to The Economic Times, Indian officials are drafting regulations to propose a ban on all transactions and payments in cryptocurrencies, while allowing investors to hold them as assets, similar to gold, bonds and stock shares.
Citing unnamed sources familiar with the government’s discussions, the newspaper said there was a belief in policy circles that crypto markets needed to be regulated in order to tackle the problem of opaque advertising that exaggerates investment returns in order to attract young investors.
The sources informed the newspaper that draft legislation on the matter was expected to be forwarded to Modi’s cabinet for consideration in the next two to three weeks.
In September, China had banned all cryptocurrency transactions and crypto-mining.
Germany has been plunged into a “nationwide state of emergency” because of its current high level of Covid infections, acting health minister Jens Spahn has said. He also refused to rule out further lockdowns.
“The situation is serious, the dynamic is unbroken,” Spahn told a press conference Friday.
“The incidence has increased fivefold in four weeks. We see sadly high values in the death rate. We are in a national emergency.”
Spahn refused to rule out the possibility of another lockdown, saying that, in such a drastic health situation, “we can’t rule anything out.”
The head of the Robert Koch Institute (RKI), Lothar Wieler, added to the gloomy picture by saying that “all of Germany is one big outbreak,” with an estimated half a million active Covid cases in the country – and numbers rising. For the third day in a row, more than 50,000 cases have been registered in the country, while the death toll in Germany since the start of the pandemic is above 98,700, according to figures compiled by the RKI.
Wieler added that, with many hospitals already overwhelmed, more should be done to tackle the spread of the virus. Besides obvious measures such as vaccination and wearing masks, he also suggested closing poorly ventilated bars.
On Thursday, lawmakers in the Bundestag approved new measures in the fight against coronavirus, including requirements to prove vaccination status, a negative test, or proof of recovery from infection before employees can access communal workspaces or use public transport. The measures will have to be passed by the upper house before they can take effect.
Neighboring Austria announced on Friday that it would enter full lockdown as of Monday, November 22.
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Japan’s fifth wave of Covid-19 has virtually disappeared so dramatically that some scientists are puzzled as to why it happened. One team suggests the highly infectious Delta strain mutated into extinction on the island nation.
In mid-August, Japan experienced a peak in Covid-19 infections, recording over 23,000 new cases per day. Now the metric is just around 170, with deaths attributed to the disease mostly remaining in single digits this month.
The decline has been attributed by many to high vaccination rates, public acceptance of masks, and other factors, but some researchers say the drop was uniquely significant, compared to other nations with similar conditions.
Ituro Inoue, a geneticist at the National Institute of Genetics, believes that Japan had the good fortune of witnessing the Delta strain mostly rooting out other variants of the SARS-CoV-2 virus before then eradicating itself. He explained his team’s theory to the Japan Times newspaper this week.
For some time now, Inoue and his fellow scientists were researching mutations of SARS-CoV-2 and how they are affected by the protein nsp14, which is crucial for the reproduction of the virus.
RNA viruses, like the one causing Covid-19, tend to have a very high mutation rate, which helps them quickly adapt to changes in the environment. However, this opens the door for a so-called “error catastrophe,” when bad mutations pile up and finally cause the full extinction of a strain. The protein nsp14 appears to offer a form of error proofreading that helps the virus genome to stay below the threshold of the “error catastrophe.”
In the case of Japan’s fifth wave of Covid-19, the Delta variant’s nsp14 failed at this job, Inoue believes, based on the genetic study of specimens collected from June to October. Contrary to his team’s expectations, there was a lack of genetic diversity, while many samples had many genetic changes in the site called A394V, which is linked to the error-fixing protein.
“We were literally shocked to see the findings,” the researcher told the Japan Times. “The Delta variant in Japan was highly transmissible and [was] keeping other variants out. But as the mutations piled up, we believe it eventually became a faulty virus and it was unable to make copies of itself.”
The theory could be relevant to the previous SARS strain, which was identified in 2003, explaining why it didn’t cause a pandemic. But that would be hard to confirm, since the outbreak ended relatively quickly and didn’t result in the massive collection of genetic data necessary to test the hypothesis.
It’s not clear why Japan had this lucky turn of events, but nothing comparable happened in other East Asian countries like South Korea, where populations are genetically close to that of Japan. Virus mutations similar to those flagged by the scientists have been discovered in at least 24 countries, Inoue said. He and his team plan to publish a paper detailing their findings by the end of November.
Even if the natural extinction theory is confirmed, it is at best a temporary reprieve for the Japanese people. New, more successful strains are likely to eventually find their way into the country, though quarantine measures and immigration control could delay the emergence of new variants in Japan, Inoue believes.
Meanwhile, Tokyo is bracing for a new wave of Covid-19 this winter and is preparing to live with the virus. The government reportedly plans to ease travel restrictions by increasing the number of people it allows to enter the country per day from 3,500 to 5,000.
