Austrian Government allocates €8 million for blockchain research

This funds will be directed to establishment of a new Research Institute for Cryptoeconomy at University of Vienna
07 December 2017   903

In the beginning of December the first meeting of invited experts took place at University of Vienna. The event was graced by the presence of Austrian Minister of Science, Research and Economy Harald Mahrer. The main effort of the gathering was establishment of a new Research Institute for Cryptoeconomy, which will be headquartered in Vienna.

The newly created institute will focus on development of new implementations of blockchain technology in digital services. Austrian private sector expressed great interest in blockchain technology usage to regulate different aspects of existing and emerging business ventures. One of the major Austrian energy suppliers, Wien Energie, is interested in several possible applications of blockchain, including regulation of peer-to-peer energy transfer. In turn, Austrian government indicates, that it will support the new regulations that will legally enable such uses of blockchain.

During the meeting Mahrer announced, that Austrian Government will support the Institute by allocating €8 million research fund. He stated, that the business will greatly benefit from using blockchain technology and that it's essential to explore this possibilities without restrictions from regulatory efforts.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.