From dentistry to sex trade, entrepreneurs catch Bitcoin bug!

Agencies
December 26, 2017

New Delhi, Dec 26: It is not only investors who have caught the Bitcoin bug lured by a crazy surge in prices, but also many Indians who are seeing a business potential in cryptocurrencies and rushing to set up companies to cash in on this craze.

At least a dozen companies, including some in past few weeks, have been registered in various parts of the country with 'Bitcoin' as part of their names while many more such applications are pending before the Registrars of Companies.

The numbers are even higher for the companies with the word 'crypto' in their names, while several others have sought to become more innovative by adding various prefixes to the word 'coin', including those proposing Indian versions like 'IndiCoin' and 'BharatCoin'. There is also a 'SwachhCoin'!

The mad rush -- of entrepreneurs and investors -- seems to be continuing despite repeated regulatory warnings about Bitcoins and their various alternatives operating in a totally unregulated domain and the possible money laundering and terror financing risks associated with such cryptocurrencies.

Various regulators and enforcement agencies are already actively looking into this Bitcoin craze and searches were conducted recently by tax authorities at several places where they are believed to have collected details about lakhs of 'investors' who could be trading on 'Bitcoin exchanges'.

There are concerns that many operators might be running 'e-ponzi' schemes or illicit money-pooling pyramid activities in the name of virtual currencies. Some bogus ones have already been unearthed and are facing police action.

As the regulators and the government departments continue with their probes, which officials at these agencies also described as their efforts to 'understand' this new phenomenon, the entrepreneurs seem to be undeterred by any risk factors and expect good business to come by and they are from various parts of the country -- from Ghaziabad to Kanpur to Darjeeling to Jaipur to Delhi to Ahmedabad to Mumbai.

The RoC filings made by such companies show diverse business activities they propose to undertake -- One has listed 'retail trade/repair of personal and household goods', another claims to be in financial intermediary business, while one also claims to promote 'investigative journalism'.

There are also those offering 'crypto coins' exclusively for dentistry across the world with the promise of removing middlemen-type costs and easier insurance claims! Then, there are also those proposing 'sex coins' for discreet payments for adult entertainment and in sex trade.

A number of new entities have been set up under the LLP (Limited Liability Partnership) model while many others are being set up as privately-held companies. Several officials from the auditing and accountancy fields also said many listed companies are looking into changes in their names and 'articles of association' to include 'Bitcoin' or other cryptocurrencies to join the bandwagon.

There are several entities operating only in the digital world by setting up websites or 'online exchanges' while others have gone in for registering their companies or LLPs.

As per the RoC data, the registered entities include Bitcoin Bazaar, Bitcoin Exchange, Bitcoin Finconsultants, Bitcoin India Software Services, Bitcoin Services India, Bitcoiners India, Bitcoins India and Bit Coin Infotech.

There are others like Crypto Advisors, Crypto Futuristic Trades, Crypto Infotech, Crypto IT Services, Crypto Labs, Crypto Mining, Crypto Yo Coin India, CryptoCoin Solutions and CryptoMudra Digital Services. Further business details of these entities could be ascertained, as most of them have been set up recently, but have been meeting necessary compliances.

While Bitcoin was created as a cryptocurrency in 2009, by an unidentified person using the alias Satoshi Nakamoto, its popularity has grown manifold in recent months with its per unit price soaring to close to USD 20,000 (over Rs 10 lakh) earlier this month. However, the price has been swinging wildly and last week itself, it fell by almost half to about USD 10,000, only to again rebound to the near USD 15,000 level.

It was launched with a promise of lower transaction fees than traditional payment methods with a decentralised authority unlike the government-issued currencies in various countries. At present, Bitcoins command a market cap of over USD 240 billion while more than 16 million units are said to be in circulation. The maximum supply is pegged at 21 million.

It is the anonymity of Bitcoins, minted through complex computer algorithms, that has made them so famous, but has also increased the risks. These are stored in digital wallets, in the cloud or on the user's computers.

The popularity of Bitcoin has given rise to several other such cryptocurrencies globally even as several entities and exchanges have gone bust with huge losses for many. No such currency has yet got legal tender status from any central bank or government in the world, but is still being accepted, mostly for online trades and even for ordering pizza.

These 'coins' are minted and traded with the use of blockchain technology, which uses cryptography for security of exchanges and providing a decentralised 'digital ledger' of transactions for all on the network to see.

Blockchain is a distributed ledger technology algorithm for managing digital cash without any central administrator and users remain unaware about each other. One blockchain network typically has thousands of nodes and a transaction is verified only after a majority of nodes reach consensus.

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News Network
April 28,2020

Los Angeles, Apr 28: People who experience loss of smell as one of the COVID-19 symptoms are likely to have a mild to moderate clinical course of the disease, according to a study which may help health care providers determine which patients require hospitalisation.

The findings, published in the journal International Forum of Allergy & Rhinology, follows an earlier study that validated the loss of smell and taste as indicators of infection with the novel coronavirus, SARS-CoV-2.

According to the scientists from the University of California (UC) San Diego Health in the US, patients who reported loss of smell were 10 times less likely to be hospitalised for COVID-19 compared to those without the symptom.

"One of the immediate challenges for health care providers is to determine how to best treat persons infected by the novel coronavirus," said Carol Yan, first author of the current study and rhinologist from the UC San Diego Health.

"If they display no or mild symptoms, can they return home to self-quarantine or will they likely require hospitalisation? These are crucial questions for hospitals trying to efficiently and effectively allocate finite medical resources," Yan said.

The findings, according to the researchers, suggest that loss of smell may be predictive of a milder clinical course of COVID-19.

"What's notable in the new findings is that it appears that loss of smell may be a predictor that a SARS-CoV-2 infection will not be as severe, and less likely to require hospitalisation," Yan said.

"If an infected person loses that sense, it seems more likely they will experience milder symptoms, barring other underlying risk factors," she added.

Risk factors for COVID-19 previously reported by other studies include age, and underlying medical conditions, such as chronic lung disease, serious heart conditions, diabetes, and obesity.

In the current study, the scientists made a retrospective analysis between March 3 and April 8 including 169 patients who tested positive for COVID-19 at UC San Diego Health.

They assessed olfactory and gustatory data for 128 of the 169 patients, 26 of whom required hospitalisation.

According to the researchers, patients who were hospitalised for COVID-19 treatment were significantly less likely to report anosmia or loss of smell -- 26.9 per cent compared to 66.7 per cent for COVID-19-infected persons treated as outpatients.

Similar percentages were found for loss of taste, known as dysgeusia, they said.

"Patients who reported loss of smell were 10 times less likely to be admitted for COVID-19 compared to those without loss of smell," said study co-author Adam S. DeConde.

"Moreover, anosmia was not associated with any other measures typically related to the decision to admit, suggesting that it's truly an independent factor and may serve as a marker for milder manifestations of Covid-19," DeConde said.

The researchers suspect that the findings hint at some of the physiological characteristics of the infection.

"The site and dosage of the initial viral burden, along with the effectiveness of the host immune response, are all potentially important variables in determining the spread of the virus within a person and, ultimately, the clinical course of the infection," DeConde said.

If the SARS-CoV-2 virus initially concentrates in the nose and upper airway, where it impacts olfactory function, that may result in an infection that is less severe and sudden in onset, decreasing the risk of overwhelming the host immune response, respiratory failure, and hospitalisation, the scientists added.

"This is a hypothesis, but it's also similar to the concept underlying live vaccinations," DeConde explained.

"At low dosage and at a distant site of inoculation, the host can generate an immune response without severe infection," he added.

Loss of smell, according to the study, might also indicate a robust immune response which has been localised to the nasal passages, limiting effects elsewhere in the body.

Citing the limitations of the study, the scientists said they relied upon self-reporting of anosmia from participants, which posed a greater chance of recall bias among patients once they had been diagnosed with COVID-19.

They added that patients with more severe respiratory disease requiring hospitalisation may not be as likely to recognise or recall the loss of smell.

So the researchers said more expansive studies are needed for validating the results.

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Agencies
March 8,2020

New Delhi, Mar 8: In order to spread awareness, a special COVID-19 mobile phone caller tune was launched by all telecom operators with basic infection prevention messages played when a caller dials-out, Ministry of Health and Family Welfare said on Saturday.

"In order to spread awareness about COVID-19, a special COVID-19 mobile phone caller tune was launched by all telecom operators. Over 117.2 crore subscribers of BSNL, MTNL Reliance Jio, Airtel and Vodafone-Idea are being progressively reached out to through SMSs and Call Backs," Ministry of Health and Family Welfare said in a press statement.

"As many as 52 laboratories are now operational across the country for testing the COVID-19 virus. An additional 57 laboratories have been provided with Viral Transport Media and swabs for sample collection," the statement added.

India has 39 confirmed cases of deadly coronavirus so far. The disease has caused deaths of 3200 people globally. 

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News Network
January 27,2020

Mumbai, Jan 27: The country's largest car maker Maruti Suzuki India (MSI) on Monday said it has increased prices of select models by up to Rs 10,000 with immediate effect to offset the impact of rising input costs.

The price change varies across models and ranges up to 4.7 per cent (ex-showroom Delhi) and are effective from January, 27 2020, MSI said in a statement.

The price of entry level model Alto range has gone up in the range of Rs 9,000-6,000, S-Presso between Rs 1,500 to 8,000, WagonR between Rs 1,500 and Rs 4,000.

The company has also increased the price of its multi purpose vehicle Ertiga between Rs 4,000-10,000, Baleno by Rs 3,000 to 8,000 and XL6 by up to Rs 5,000 (all prices ex-showroom Delhi).

Currently, the company sells a range of vehicles starting from entry-level small car Alto to premium multi purpose vehicle XL6 with price ranging from Rs 2.89 lakh to Rs 11.47 lakh (ex-showroom Delhi).

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