Zebpay to Stop Fiat Withdrawal

Local crypto community hopes that issues will be solved ASAP
04 July 2018   680

Leading bitcoin-exchange of India Zebpay announced the stop of deposits and the possibility of withdrawing funds in Indian rupee (INR) due to the ban of the country's central bank to provide banking services to crypto-cash companies.

On April 5, the Central Bank of India banned all financial institutions of the country, including banks, to provide services to companies whose activities are related to crypto-currencies. RBI has given banks three months to fulfill this order.

Despite several attempts to challenge the innovation in court, the Supreme Court of India left the ban in force.

Last month, Zebpay urged users to actively file requests for withdrawal of funds in fiat money, warning that withdrawing the fiat deposits could become "impossible."

Meanwhile, local crypto-enthusiasts, investors and industry representatives still hope that rules will soon be adopted that will legalize this sector.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.