Why is Shenzhen being supported to carry out digital currency research?

“Shenzhen people were first in the SAR and later in the Dawan District. Now they have become the first demonstration areas of socialism with Chinese characteristics.” August 18, “Opinions on Supporting Shenzhen’s Construction of the Socialist Pilot Zone with Chinese Characteristics” As soon as it came out, there were comments from the Shenzhen citizens.

However, it is mentioned that the blockchain practitioners are encouraged to support innovative applications such as digital currency research and mobile payment in Shenzhen. Promote interoperability with Hong Kong and Macao financial markets and mutual recognition of financial (fund) products. In the promotion of the internationalization of the renminbi, we will try first and explore innovative cross-border financial supervision.

1. Preparation for digital currency research for many years

Shenzhen's research in the field of digital currency can begin in 2016. In December 2016, under the guidance of the Shenzhen Municipal Government, more than 40 well-known financial institutions such as Ping An Group, China Merchants Bank, Weizhong Bank and Dacheng Fund jointly established the first China (Shenzhen) Fintech Digital Currency Alliance and China (Shenzhen). Fintech Research Institute explores the advancement of technology and R&D and market utilization of China's digital currency through market-oriented, international and innovative alliance organizations and research institutes.

"Shenzhen will pay attention to the central bank's policy orientation, plan ahead of schedule, strive for pilot projects, strive for digital currency promotion pilot qualifications, and cooperate with the establishment of a digital currency operation supervision system." At the time, he was the director of the Shenzhen Financial Office and is now the local financial supervision and management of Guangdong Province. He Xiaojun, director of the bureau, said at the press conference that the alliance was established.

He further stated that the Shenzhen Special Economic Zone, as the "first place" and "experimental field" for China's reform and opening up, has active financial innovation and developed high-tech industries, and has the basis and conditions for developing digital currency and building a global financial innovation center.

In the specific measures, Shenzhen also encourages universities to set up special courses in financial science such as digital currency and blockchain to train digital currency professionals; encourage research institutes and financial institutions to increase research and development and use of digital currency, and accumulate digital currency and districts. Market experience such as blockchain technology.

In November of that year, the central bank just started to prepare for the Digital Money Institute, and was formally established in January 2017. Shenzhen's follow-up speed is very fast. On June 15, 2018, the “Shenzhen Financial Technology Co., Ltd.”, a company with 100% shareholding in the Central Bank Digital Currency Research Institute, was established in Shenzhen. This is a digital currency research in Shenzhen and built a strong national flag.

2. Blockchain enterprises more than 3,000 patents nationwide second

With the support of the policy, Shenzhen's digital currency and blockchain industry is far ahead in the country.

PANews has previously been in " Who is the big winner of the blockchain patent? Shanghai fell out of the first camp, Peking University was zero . Wen Zhong wrote that as of the beginning of this year, Guangdong Province has 585 patents in the country, and only Shenzhen has contributed 355 patents to Guangdong.

Shenzhen has already demonstrated its determination to vigorously develop financial technology and catch up with Beijing and Shanghai in the shortcomings of finance. Zhong'an, Weizhong Bank and Shenzhen Yuanzheng Technology in Shenzhen have 47, 31 and 27 blockchain patents respectively. The average number of patents disclosed by these three companies in 2018 also accounts for about 70% of the total.

In terms of the number of company registrations, Shenzhen's blockchain companies are also the largest in the country. As of August 18, according to Tianxue data, there were 3,953 companies registered in Shenzhen with “blockchain” in their business scope, and 379 companies including digital currency.

Today, almost no Fukuda Financial CBD and the Nanshan Science and Technology Park CBD on both sides of Shennan Avenue do not involve blockchain-related businesses.

According to the government work report of Shenzhen in 2019, the development of high-tech industries has become a national flag. The total social research and development investment accounted for the proportion of GDP, the number of PCT international patent applications was the national leader, and the number of national high-tech enterprises ranked second in the country. The development of digital economy was in the forefront of the country.

3. Shenzhen Blockchain Action

In recent years, Shenzhen has had many actions in the blockchain and digital currency sectors, and blockchain electronic invoices are among the most well-known projects.

On August 10 last year, Shenzhen Guomao Rotary Restaurant opened the country's first blockchain electronic invoice. The invoice password area was displayed by the hash value, led by Shenzhen Taxation Bureau and approved by the State Administration of Taxation. As of the beginning of August this year, nearly one million electronic invoices have been issued in Shenzhen blockchain in one year, with a total invoice amounting to 3.9 billion yuan, covering more than 113 industries.

In the current environment, Shenzhen's policy support has to mention Hong Kong. Before that, PANews systematically sorted out the digital currency regulatory environment in Hong Kong (for details, please read: " I read the road to Hong Kong's digital currency regulation "), and Hong Kong. As a member of the Greater Bay Area, the construction of digital currency and blockchain for the construction of the Bay Area is also an important issue.

On September 4 last year, the Dawan District Trade Finance Blockchain Platform was officially launched in Shenzhen, with research directions including legal digital currency. On September 26 of the same year, the Shenzhen Municipal CPPCC “Helping the Shenzhen-Hong Kong Science and Technology Cooperation in Hetao Area” was held. The general report of the meeting proposed that the Shenzhen side park could be built into the Dawan District Financial Technology Network Center to encourage financial institutions. Carry out research and application of digital currency and blockchain, reduce the transaction costs of entities and e-commerce in Guangdong, Hong Kong and Macau, and promote the development of cross-border e-commerce business in the Bay Area.

However, it is worth mentioning that Shenzhen also has a lot of MLM and funds. The policy will also be used by illegal activities as a publicity gimmick. Those who are concerned about digital currency also need to guard against illegal fund-raising.

Text | Otaru Editor | Tong Source | PANews