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Golden Observation | A list of topics related to cryptocurrency and digital currency in the Boao sub-forum



The sub-forum "Digital Payment and Digital Currency" of the Boao Forum for Asia Annual Conference 2021 was held on the evening of April 18.

The sub-forum discusses topics such as the positioning and pilot program of digital renminbi, cryptocurrency regulation, cross-border payment, etc. Jinse Finance brings together relevant content-zce for you.

Li Bo, Deputy Governor of the People's Bank of China

Keywords: regulation; investment vehicle

Li Bo, deputy governor of the central bank, said that he is studying the regulatory rules for bitcoin and stablecoins. If any stablecoin wants to become a widely used payment tool in the future, it must be subject to strict supervision, just like banks or quasi-banking financial institutions. Strict regulation. Bitcoin and stablecoins are crypto assets.

For stablecoins issued by private companies, if they become a payment tool in the future, they must be subject to the same strict supervision as banks or quasi-banking financial institutions. In other words, it is more stringent than the regulatory rules that Bitcoin currently accepts.

This is necessary to ensure that speculation in such assets does not pose serious financial risks. Li Bo said that encrypted assets are an investment option, not a currency itself, but an alternative investment. Therefore, we believe that encrypted assets should play a role in the future, as an investment tool or an alternative investment. If it is used as an investment tool, many countries including China are also studying, that is, what kind of regulatory environment should exist for such an investment method. Although this regulatory rule is the minimum regulatory rule, there are still regulatory rules.

Jinse Finance mining data broadcast | BCH network computing power rose by 2.28% today: Jinse Finance reported, according to the data from the spider mining pool:

The computing power of the BTC network is 115.541EH/s, the mining difficulty is 13.73T, the current block height is 633960, and the theoretical income is 0.00000946/T/day.

The computing power of the entire ETH network is 182.363TH/s, the mining difficulty is 2331.65T, the current block height is 10235079, and the theoretical income is 0.00851397/100MH/day.

The BSV network computing power is 1.816EH/s, the mining difficulty is 0.27T, the current block height is 638683, and the theoretical income is 0.00049548/T/day.

The BCH network computing power is 2.377EH/s, the mining difficulty is 0.33T, the current block height is 638906, and the theoretical income is 0.00037856/T/day. [2020/6/10]

Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia and Former Governor of the People's Bank of China

Keywords: real economy; distinction

Golden Morning News | Central bank software developers have registered 78 digital currency patents in two years Qianhai uses blockchain technology to carry out cross-industry dishonesty data sharing: 1. Qianhai uses blockchain technology to carry out cross-industry dishonesty data sharing

2. Central bank software developers have registered 78 digital currency patents in two years

3. Hong Kong launched the first cryptocurrency payment platform CSPay

4. Australian regulators are developing laws to effectively regulate cryptocurrencies

5. BaFin: ICO offerings are a “special challenge”

6. 40,000 people in Saratov, Russia participated in blockchain elections

7. US retail giant Target accepts BTC via Fold

8. After the Bitcoin difficulty is lowered, the Antman T9 may be turned on again

9. RnF will launch blockchain bank in Malta[2018/12/19]

"What are the benefits of digital assets to the real economy? Now we are cautious about this issue. We have experienced the global financial crisis in 2008 and found that once finance is separated from the entity, such as shadow banks and derivatives, these become purely financial institutions. If there is no connection with the entity, it is prone to problems, so that the leaders and traders of some major international banks at that time could not understand it, and it was difficult to do a good job of internal control." Zhou Xiaochuan said that it is necessary to distinguish between digital currency and digital currency. Digital assets, for digital assets such as Bitcoin, it is not necessary to draw conclusions now, but "be careful".

Jinse Finance Exclusive Interview: Zilliqa CEO Xinshu Dong Talks about EOS Vulnerabilities: Today, the 360 company Vulcan (Vulcan) team discovered a series of high-risk security vulnerabilities in the blockchain platform EOS. Jinse Finance exclusively interviewed Zilliqa CEO Xinshu Dong, Zilliqa CEO said: Everyone is concerned about the security breaches of the 360 public chain because of the irreversibility and multi-centralization of the blockchain itself. Once a vulnerability occurs, the centralized system can be repaired quickly, but the multi-centralized system needs to vote fork to solve it, and often miss the best time to repair. But this time is also a good reminder to the entire blockchain field. Blockchain security is multi-faceted, including anti-attack at the protocol layer, verifiability at the language layer of the smart contract, and of course the basic isolation of the runtime of the smart contract. In fact, these are well-known mechanisms in the field of security research, but blockchain projects need to design and implement them well. To face such challenges, we need to work together. [2018/5/29]

Vakira Alomdi, Assistant Governor, Bank of Thailand

Jinse Finance live report Zhang Xuncheng, founder of the Global Blockchain Investment Forum: Blockchain investment is an era of innovation, innovative technology and teams can find opportunities in the industry: Jinse Finance live report, at the 2018 Global Blockchain Elite Summit , Zhang Xuncheng, founder of the Global Blockchain Investment Forum and founding partner of the China Angel Investor Academy, delivered a speech on "The Global Layout of Blockchain Investment". At present, in the entire blockchain investment field, mines and exchanges are the hottest investment fields. At present, many traditional financial institutions, including mainstream Internet institutions, are actively entering the market. In the next 1-2 months, we will see more and more clearly. Blockchain investment is an era of innovation. Only innovative technologies and teams can find opportunities in the industry. In the blockchain industry, many are young people. These people may not understand technology, but they have a good grasp of the industry. Very accurate. In the process of many experts and bigwigs sharing the industry, they may have laid out the industry a few years ago. The real trend is to make a layout before others see the trend. [2018/4/28]

Keyword: trust

Bitcoin is an asset that can be invested, but it is not a currency issued by a central bank that can store value. How can one trust the stability of an asset like Bitcoin? Therein lies the issue of trust. "Of course it has some value, but it's not the same as a central bank digital currency."

Ahmed Ali Al Sayeh, Chairman of Abu Dhabi Global Market

Keywords: stablecoins; regulation

Stablecoins can bring the unbanked into the financial system and promote financial inclusion, but he also emphasized that regulators may require stablecoins to make more robust governance arrangements before allowing their jurisdictions to Use this digital currency.

"Regulators cannot allow the risks that stablecoins may cause to damage the financial system, nor allow stablecoins to bring potential threats or risks to the ecosystem. Digital currencies will be increasingly regulated so that they can continue to serve as global financial institutions." system," Ahmed Ali Al Sayeh said. In the medium term, in addition to the current strengthening of anti-money laundering and anti-terrorist financing supervision, further security measures will be adopted for digital currencies.

Keywords: domestic; retail

China's digital renminbi is not for cross-border purposes, but for the development of technology, especially after the popularization of mobile Internet, it can provide payment for the public more conveniently. "China has a very large retail market with 1.4 billion people. Everyone hopes to have a more convenient, more effective, and lower-cost payment system. At the very beginning, the central bank never thought about whether it needed a wholesale system or RMB Internationalize, but start with the retail system."

Keywords: pilot; supervision

There is no specific timetable for the official launch of the digital renminbi. In the future, China will continue to do a good job in the pilot work, expand the scope of the pilot, create a digital renminbi ecosystem, improve system security and reliability, and formulate corresponding laws and regulatory systems.

The digital renminbi adopts a two-tier system design, which is compatible with the current currency and banking system to ensure that the risk of financial disintermediation is minimized. At the same time, digital renminbi can achieve controllable anonymity, anonymization of small transactions, and tracking of large transactions by the central bank. This design is also an ideal feature of digital renminbi. In addition, the digital renminbi is trying a hybrid system that links the digital renminbi to the bank account system and the quasi-bank account system. This will be a fairly open system.

Keywords: financial stability

The Bank of Thailand started with a wholesale digital currency and launched a retail digital central bank currency this year. Retail central bank digital currency has many similarities with cash banknotes. In the process of building a retail central bank digital currency, the Bank of Thailand mainly considers three concerns. The first is the transmission effect of monetary policy, the second is financial stability, and the third is the impact on the financial industry. Banks play an important role in the allocation of resources.

Keyword: advantage

Digital currency is a promising innovation that can serve different needs. Digital currency can be divided into retail central bank digital currency, wholesale central bank digital currency, and stable currency. Among them, the retail central bank digital currency can strengthen the interconnection among sovereign economies, which is beneficial to both private enterprises and the public sector, and promotes cashless transactions within countries and regions, making the transmission mechanism of monetary policy more effective.

Wholesale central bank digital currency is used by financial institutions for large payments. Stablecoins are initiated by private companies and used by these issuers.

Qiu Han, Global Senior Vice President and China CEO of PayPal

Keyword: cooperation

Many people think that after PayPal enters China, it will have direct competition with domestic payment institutions such as Ali and Tencent, but in fact we will not directly compete with local companies. In the future, we will mainly focus on cross-border business, and our value will be overseas. Overseas, PayPal has more than 300 million individual customers. What we need to do is matchmaking. Not only does it not compete with local companies, but it has a lot of potential for cooperation. We are now cooperating with some local payment institutions.

Keyword: complex

Each country has its own macro-control and currency sovereignty, and there are differences in systems among countries, and some countries also have foreign exchange controls. If the central bank digital currency is developed, many countries will have their own digital currency based on their own currency, and there will be different rules in the use process. Perhaps in the long run, the currency will develop towards integration or a simpler direction, but it is not yet possible. The interoperability of cross-border use of digital currency is a very complicated issue.

Keywords: central bank digital currency interoperability

The People's Bank of China participated in launching the m-CBDC Bridge project to explore and try different ways to achieve interoperability between central bank digital currencies. Central bank digital currency interoperability is a very complex issue, we will not rush to find a solution, now is to choose different options to experiment with different technologies.


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Golden Observation | A list of topics related to cryptocurrency and digital currency in the Boao sub-forum

The sub-forum "Digital Payment and Digital Currency" of the Boao Forum for Asia Annual Conference 2021 was held on the evening of April 18.

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