Business

Noah Bradley

This week in crypto: All the important developments in cryptocurrency space

As the Bitcoin ecosystem continues to evolve and shed its dead weight, what will emerge will be a digital currency infrastructure that is well-disciplined, mature and functional on many levels. There are advances constantly being made, directly and indirectly, that are shaping the scene and this week has been no different. Looking back at some of what has transpired this week shows how far the industry has come, and how far it still has to go.

This past summer, Canaan Creative, a crypto mining service entity out of China, filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). After the SEC completed its investigation of the paperwork and its inspection of the offer, Canaan has reportedly received approval to move forward and the IPO is expected to be introduced in November. If nothing changes between now and then, Canaan will raise at least $200 million from investors and become the first Chinese crypto mining company to introduce an IPO, beating Bitmain to the punch after it failed to make good on its IPO plans last year.

The SEC has been busy trying to keep track of all the activity in the Bitcoin space and has gone after messaging platform Kik for presumably launching an unregulated security through its previous initial coin offering (ICO). The Kin digital currency proved popular with crypto fans, but not the SEC, which sued Kik over its activity. That lawsuit almost forced Kik to shut down its messaging platform, but it announced this week that it is teaming up with another, unidentified entity to keep things moving forward as it fights the SEC.

Satoshi has been legitimized. The term satoshi has made it into the Oxford English Dictionary in the latest revision of the word list by the dictionary’s keeper, Oxford University Press. According to the OUP, a satoshi is “the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the—probably pseudonymous—developer(s) of Bitcoin” and the entry defines it as the “smallest monetary unit in the Bitcoin digital payment system, equal to one hundred millionth of a bitcoin [BTC].”

The Marshall Islands is working on its own digital currency to replace the U.S. dollar and China is said to be creating a central bank digital currency, although there has been talk that this is just a rumor. Other countries have also reportedly been working on their own digital currency, and the latest to join the group is Wales. In an effort to move away from traditional payment channels and become more autonomous, Wales believes having its own digital currency will help and that it will also give local businesses better facilities to conduct their operations. Wales isn’t a sovereign state, falling under the control of Great Britain, and the digital currency could provide it with a more separated identity, especially in view of the impending Brexit.

Bitcoin is nowhere near as anonymous as some users have believed. This was proven when the operator of a child pornography site was busted by police and had his computer equipment confiscated. Forensic IT specialists were able to trace crypto payments made to the site and ultimately arrested over 330 individuals from around the world for their involvement with the Welcome To Video child exploitation and porn operation.

It is apparent that India needs some serious help figuring out how to approach crypto. The country is mired in a huge debate over whether digital currency should be legitimate or not and the debate has endured for over two years. Everyone had been anxiously watching the country’s Supreme Court calendar in anticipating of a ruling this month; however, they can quit holding their breath. The court decided to delay a hearing on the country’s crypto ban and might—with strong emphasis on the word—provide an update next month.

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