“Indian Crypto Ecosystem Feeling Nervous”
India’s cryptocurrency ecosystem is nervous again. Prime Minister Narendra Modi’s second term has sparked speculation that the new government may continue with the previous one’s unfavourable stance on bitcoin and its ilk. The fears peaked on June 2 after an inter-ministerial panel, tasked with drafting regulations for the sector, confirmed that it will soon submit its report to the finance ministry. The panel, formed in November 2017, is headed by Subhash Chandra Garg, secretary of India’s department of economic affairs.
“Apple To Add Cryptokit in iOS 13”
pple is set to announce CryptoKit, a new framework to “perform cryptographic operations securely and efficiently,” at WWDC 2019. CryptoKit will be available in Apple’s upcoming iOS 13. Apple’s team will unveil CryptoKit capabilities in a WWDC session titled “Cryptography and Your Apps.” CryptoKit will allow developers to carry out common cryptographic operations including hashing, key generation and encryption. Developers will now be able to automatically handle tasks that make their app more secure rather than handling them in lower-level interfaces.
“Blockport Facing Bankruptcy After STO Fail”
Amsterdam-based cryptocurrency exchange Blockport has declared bankruptcy after its security token offering (STO) flamed out in disastrous fashion. Blockport launched a token sale between April 16 and May 15, in which the crypto exchange sought to raise €5 million ($5.62 million). But it didn’t work out as planned. In a blog post last month, Blockport Founder and Chief of Product Sebastiaan Lichter announced that the project’s STO failed to reach the minimum threshold of €1 million ($1.13 million). In the same announcement, Lichter stated that all token sale participants would receive refunds for their investments.
“SEC Sues Kik Over Unregistered Token Offering”
The Securities and Exchange Commission on Tuesday said it sued Canada-based messaging app Kik for conducting a $100m initial coin offering without registering the offering with the US regulator. The regulator alleges that in 2017 Kik’s management had predicted it would run out of money and sought to finance a new type of business through the sales of one trillion digital tokens dubbed “Kin”. The company raised more than $55m from US investors and the complaint alleges that the Kin tokens traded recently at about half of the value that public investors paid for the offering.