International Trend

1.

The American House of Representatives will Hold a Hearing on Cryptocurrency Next Week.

The US House Financial Services Committee announced on Thursday that it will hold a hearing entitled The Future of Money: Digital Currency on July 18. The committee, led by Chairman Jeb Hensarling, has yet to publish a full list of participating witnesses, but the event will be broadcast live on their website. As reported earlier, legislators have had a history of discussing cryptocurrency as a means of financing terrorism and fraudulent investments at previous Committee hearings. However, it is reported that the theme of the hearing next week leans towards discussing the utility of cryptocurrency as a form of currency.

China Trend

1.

Blockchain Technological Application in the Retail Field is Inevitable.

The 2018 Blockchain Scenario Application Technology and New Retail Summit was held in Shenzhen on July 10. Peng Jianguo, deputy director of the Economic Research Center of the State council’s Assets Supervision and Administration Commission, commented that blockchain technology’s arrival in the retail sector is inevitable. Blockchain technology will eventually be integrated into our lives, industries and retail through merging with cloud technology. The foundation and momentum this provides will have a revolutionary impact on the industry.

2.

Hong Kong Adopts an Open Attitude Towards Legal Tokens and Prohibits Fraud.

Liang Jieyang, founder of the Hong Kong Blockchain Association, stated that blockchain technology is a new opportunity for a new economy. Although the Hong Kong government may regulate ICOs in the future, it is currently adopting an open attitude, promising to not interfere so long as ICOs cooperate within current legal parameters. However, the government will crack down if fraud occurs in the market, particularly if it exceeds levels normal in the investment field or leads to a loss of retail investors.

3.

Decentralized Asset Exchanges don’t Conflict with Centralized Exchanges.

Yao Qian, director of the Central Bank’s Institute of Digital Currency, believes that decentralized asset trading has the advantages of low cost, quasi-real time, and robustness, yet still needs to make strides in performance, security, privacy protection, regulatory access, mining, research and exploration. Providing a means of access for regulation in particular should be considered an indispensable element of decentralized asset trading technology. It should be noted that decentralized asset trading does not conflict with traditional centralized trading. The two are unable to completely replace each other. Traditional centralized exchanges can also adopt decentralized trading technology to fully utilize blockchain capabilities. This could enhance price discovery functions and the efficiency of capital allocation of the financial market, better serving the development of the real-world economy.

4.

The Fate of Blockchain is to Surpass Physical Asset Chain Technology.

Li Ming, director of the blockchain division at the Institute of Industry and Information Technology, said in an interview with Babbit that the purpose of blockchain technology is to surpass the technology and methodology of the physical asset chain; and the purpose of the physical asset chain is to pave the way for the integrated use of blockchain, internet of things, A.I. and other technologies. I hope that everyone will follow closely these developments and ponder the needs of the future development of the blockchain industry.

5.

Blockchain Technology has the Potential to be Used in Securities Issuance and Trading, Clearance and Settlement and Customer Management.

The Shanghai Stock Exchange released a research report on Tuesday that suggested blockchain technology has the potential to be utilized in securities issuance and trading, clearing and settlement, and customer management. This has the significant advantage of reducing costs and improving efficiency. There are many obstacles in the way of blockchain technology being applied in the securities field in China. Regulatory agencies are advised to conduct in-depth research and gradually promote the regulation of relevant activities, such as: First, cooperation to systemically construct regulations based on innovative development. Second, continue to follow DLT’s market development and assess whether regulatory action is necessary. Third, to place the maintenance of financial security as the bottom line to handle financial fraud and other risks. Fourth, to stipulate rules, guidelines, and other legal norms so as to be able to respond to basic legal issues.

6.

Blockchain and the Real-World Economy have become Further Integrated

Wei Qijia, deputy director of the Industrial Economics Research Office of the Economic Forecasting Department of the National Information Center, wrote in the People’s Daily that the conditions are currently favorable for promoting high-quality industry development. The consumption demand for the world’s largest middle-class has increased. 39 different industrial categories make up the complete industrial chain, and the four regional sectors are working together to open up greater room to maneuver. China has implemented an innovation-driven strategy and a new round of technological revolution. China’s implementation of an innovation-driven strategy and a new round of scientific and technological advances have brought it to an important historical intersection. The internet, big data, cloud computing, A.I. and blockchain technology are all being further integrated into one another.

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