ZebPay, initially an Indian-based cryptocurrency exchange which was forced to shut-down their services in India, now has come out with an announcement that they now accept Bitcoin Lightning Network payments. Zebpay customers now will be able to use their Bitcoin to make instant transactions. Primarily this is meant for all the Bitcoin enthusiasts who want to spend their Bitcoin like regular cash.
Earlier we reported that during the September of 2018, Zebpay needed to shut down their Indian services because of regulatory issues. This was the outcome of the all-out Indian ban on cryptocurrencies by the Reserve Bank of India. But now the company has successfully found a new place to reside – Malta. Within Malta, they can continue operating with their services. However, the company took a heavy hit because of this particular issue and went from $5 million in trading volume to around $17,000 at the moment, judging by coinmarketcap.com. Additionally, they only have two active trading pairs – BTC/EUR and XRP/EUR.
Paying with Lightning Network on ZebPay
ZebPay claims that by using their services Bitcoin Lightning Network users will be able to “buy virtually anything”. “Just identify the store, copy or scan the invoice of the product or service you would like to avail from within your Zebpay account and hit send! Watch your Bitcoin payment shoot across the mainnet in milliseconds,” says on their website.
Also, as a very nice gesture, they are willing to show their users how exactly this works by making an actual test transaction. “..actual because you get to keep what you buy, and test because we will pay on your behalf,” says on their website.
Currently the maximum amount you can send using the Lightning Network is 0.001 BTC. However, this limit will be revised as they continue working on this.
Needless to say that by using LN on ZebPay you don’t have to pay any fees to the services associated.
Another company which had launched LN payments already some time ago is BitMEX. Earlier we reported that they not only set up their own Lightning Network node but they also published a very detailed article about LightningNetwork and LN payments in general. Have a read, it will be worth it! And start thinking about running your own Bitcoin Lightning Network node.
We’re happy to see more and more companies accepting Bitcoin Lightning Network. The more we are, the more recognition Bitcoin will get.
Malta is one of the world’s smallest and most densely populated countries. It has a population of 475,000 people. Also, Malta has become the worlds central hub for blockchain and cryptocurrencies. Two cryptocurrency exchange giants Binance and OKEx have announced that they are moving their offices to Malta. One of the main reasons why this is happening is because of Malta’s pro-crypto government, and especially Malta’s Prime Minister Joseph Muscat. “These blockchain operating companies don’t care about our taxation system but are coming to Malta, because of our innovative regulatory structure that will certainly be the first, and I also think the best, in the world,” he once said in a political speech in Mqabba.
8,500 people attend the Malta Blockchain Summit
Last week was yet another giant step by Malta towards strengthening their Crypto Capital of the World title. Malta Blockchain Summit 2018 gathered more than 8500 people! People were waiting in long queues at the registration desk. More than 400 companies were exhibiting their products and services. The venue itself was two floored, and the exhibitions were everywhere. Almost half of them were juristic stands, where attendants could find out everything about Malta’s regulations on cryptocurrencies, ICOs, exchanges and crypto companies in general. Binance had a drone which was flying around the place. Cointelegraph, Bitfury, and Blackmoon were among the most popular exhibition stands.
Joseph Muscat, the Prime Minister, was a keynote speaker and emphasized that Malta is indeed an AI innovation hub. He referred to the island as “the island of opportunity,” and talked about the great opportunities that the Distributed Ledger Technology brings to Malta.
John McAfee, the leading crypto influencer, also was among the attendees and gave a short, but very substantial speech at the end of the conference. He spoke about poverty, wealth, wealth distribution, and the ways life has treated him. “We sit here, drinking, enjoying, and laughing. Wearing fine clothes, while 90% of the world lives in poverty. I know this because I have lived within it, and I have seen it. We live in a world where the “Haves” have everything, and the have-nots have nothing,” he said during his very influential speech.
The year of regulations
The overall feeling at the conference was pretty positive. A lot of crypto-enthusiasts were expecting this year to be the year of security tokens, but it turned out to be the year when crypto gets regulated from inside out. There were ideas that maybe we don’t need security tokens, that may be a more qualitative alternative would be utility tokens. Someone called security tokens an overhyped idea.
A lot of sarcastic talks about ICOs in general. People were expressing ideas that most of the ICOs haven’t yet delivered a working product, nor worked on developing their blockchain. Our friend Stefano Virgilli also did a presentation on the bizarre market of ICOs. He performed in a sarcastic and humorous way, in a result, the whole audience laughed for more than 10 minutes.
The positive feeling among the attendants also displayed the overall expectations for the crypto markets for the future. Everyone understands that significant investments are coming to crypto, but at the same time they are aware that the destination for these investments won’t be tokens or altcoins in general. Venture capitalists and new investors want to invest in regulated assets, so they “can sue them.” One venture capitalist said: “I’m going to invest only when I can sue you.”
Sophia – the AI citizen from SigularityNET
Yes, Sophia also was there and yet again showed off its communication skills. We were expecting much more. She (I’m not entirely sure you can refer to a robot as a “She”) answered a lot of basic questions and sounded like basically reading from Wikipedia. We had the impression that any built-in iOS or Android alternative is at the same level of knowledge. It is basically for raising awareness for the SingularityNET project. The conversations consisted of the moderator asking “her” questions like “Tell me something about” this or that, and the robot would answer monotonically. Then he went on asking “How do you know that?”, and the robot answered in a basic way – “Because you programmed it into my start package.” Kind of funny, but at the same time, didn’t show much progression.
Our friend and colleague Raitis Kaucis, the founder of Gagapay, Network.Guru and Dexopay also attended it, so we naturally asked him to share some of his insights from the conference. Raitis visits a lot of cryptocurrency and blockchain conferences almost daily, all around the world. This particular conference by his words was “one of the biggest” he has ever been in. The main topics coming out of the meeting was – you (your company) have to be regulated. The preconditions are to be governed. Otherwise, you no longer can operate in the crypto-ecosystem. Consequently, Raitis told us that his companies – Gagapay, Dexopay, and Network.Guru has handed in all the paperwork and started the process of registering within the legal borders of Malta.
Overall, a huge conference, with many industry professionals coming together, sharing ideas, experiences, meeting new business partners, registering their companies, and in general – making the future of cryptocurrencies.
Joseph Muscat, the prime minister of Malta is addressing the visitors saying that Malta is very open to blockchain and cryptocurrencies in general.
In Malta blockchain summit we finally got the opportunity to meet the crypto warrior John McAfee and Stefano Virgilli, the CEO of VOX. They were super excited to attend the conference.
Also, we ran into our friend and founder of Dexopay and Gagapay – Raitis Kaucis. He shared that this conference is one of the top conferences this year, as Malta has become the capital of crypto and blockchain related companies.
Jon Matonis, the founder of Bitcoin Foundation, is also here and will present a speech. Possibly he will speak about the development of Bitcoin.
A full review of the conference is coming soon, so stay tuned!
The president of the Indian National Association of Software and Services Companies (NASSCOM) Debjani Ghosh finally cleared the uncertainty which was revolving around cryptocurrencies. She came out publicly announcing that all cryptocurrencies are illegal within the borders of India. In reality, this isn’t a big surprise, as the government had recently banned crypto-related businesses, by the pressure of the Reserve Bank of India (RBI).
A lot of ICO owners since then have already fled the country to Malta or Singapore because of the harsh laws. That, of course, has resulted in many petitions to the Supreme Court by many dissatisfied traders. That is why the government might have to reconsider their position on cryptocurrencies.
The main arguments
Their main argument is that if Bitcoin and other cryptocurrencies will be allowed for trading, then that would encourage illegal transactions, money-laundering, and other illicit actions. Also, they’re worried about Data protection, but the president of the NASSCOM believes that cryptocurrencies need a more flexible regulatory framework to create space for carrying out necessary experimentation. “Such experimentation will create space for a bit of experimentation because, even the government at this stage, will not be knowing how technology will play out and know what is right and what is wrong,” said Debjani Ghosh.
Let’s hope that India changes their mind, because to this day, India is the second largest cryptocurrency mining country in the world.
Malta, a mediterranean island in Europe, is quickly becoming the capital of blockchain and cryptocurrencies in general. Theses three bills covers the regulation of initial coin offerings (ICO’s), guidelines for cryptocurrency exchange operators in Malta and the regulation of cryptocurrency and blockchain sector in general.
“This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years” said the Parliamentary Secretary for Digital innovation and Finance Silvio Schembri.
From previous sources, we already know that Binance has relocated their head office to Malta earlier in March and now OKEx has established their presence in Malta as well. So now, two of the top exchanges in the crypto space are located in Malta, and this fact speaks for itself, that Malta is the worlds friendliest jurisdiction for crypto-companies.
To read more about the three bills, Malta is pushing click here – https://goo.gl/eRyjPG