Where are the giants withdrawing, and where are the opportunities and challenges of Libra? | 2019 CCF Blockchain Technology Conference Heavy Round Table

From October 12th to 13th, the "2019 CCF Blockchain Technology Conference" hosted by the Chinese Computer Society (CCF) was held in Chengdu.

On the morning of the 13th, at the roundtable forum on the theme of “ Libra's Opportunities and Challenges ”, Professor Hu Jie from Shanghai Jiaotong University Shanghai Institute of Advanced Finance, Zhang Ruidong , Director of the Blockchain Research Office of Zhejiang University Internet Finance Institute, and BitTribe Lab (Hong Kong) Chief evangelist Yuan Dao , Dean of the Asian Blockchain Industry Research Institute Chen Baihui , CCTV brand consultant Li Guangdou , financial technology expert Bai Shuo , and Central University of Finance and Information School Professor Zhu Jianming and other heavy guests participated in the discussion.

The round table is a heavy planning of the conference, covering Libra's application, supervision, governance, monetary policy, international competition and other aspects. The atmosphere of the live discussion is warm. Economist Zhu Jiaming specially sent a congratulatory message to the round table.

“Hello everyone, I am Zhu Jiaming. 2019 is an extremely important year in the history of blockchain development. The blockchain has begun to fully reveal its rational and scientific characteristics. At the same time, the blockchain is continuing to change, including finance, The ecosystem of manufacturing and services, and the integration of cloud computing, big data, Internet of Things and artificial intelligence, and extended to new areas such as natural environmental protection. I especially want to emphasize here, June 18 this year. Facebook has released the Libra white paper, and Libra's technology base is the blockchain. We can fully predict that the blockchain will continue to deeply influence the innovation of financial technology and further influence the full-scale economic life. In this context, the CCF Blockchain Technology Conference is of even greater practical significance. I sincerely wish the conference a complete success, thank you."

WechatIMG1147_meitu_3 From left to right, Hu Jie (host), Zhang Ruidong, Yuan Dao, Chen Baihui, Li Guangdou, Bai Shuo, Zhu Jianming

The following is a round table shorthand, published by Babbitt (with deletions):

Hu Jie: Why is Libra important in one sentence?

Zhang Ruidong: Libra is a stable digital currency based on the Libra blockchain and Libra protocol.

Yuandao : Libra is the first time in a society where it can be seen and touched. From the mainstream, it talks about the changes involving monetary finance and subversive innovation.

Chen Bojun: Libra is a currency that transcends national sovereignty, transcends geography, transcends race, and transcends class.

Li Guangdou: There is a word called “Republic of Facebook”. Facebook is the largest non-ethnic, national, and constitutional organization in human history, spanning national boundaries.

Bai Shuo: Libra is a global financial infrastructure that is the blueprint for the next generation of global financial infrastructure.

Zhu Jianming: The emergence of Libra has made it necessary for countries all over the world to face up to the challenges of blockchain technology and digital currency. In addition to technology, security, and regulation, the biggest challenge is the challenge of financial order and economic order.

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Hu Jie: Can Libra provide better inclusive financial services?

Zhang Ruidong: Libra's mission is to serve more than one billion people in the world who currently do not enjoy traditional financial services. This vision is remarkable. More than a billion people can't enjoy traditional financial services, and they probably don't have access to the Internet or smartphones. There are some problems. Of course, Facebook should also give him the meaning of doing things, so it should be a means of marketing or improving the sense of mission.

Yuandao: Today, whether it is the mainstream bank of the country or the mainstream financial institutions, it talks about inclusive finance. I remembered that when people talked about phone calls 20 years ago, the phone could not use IP to make a call. At that time, the solution given by the world's telecom companies was a very complicated solution, using a separate agreement. The Internet says it doesn't have to be so complicated. For the first time, everyone can hear the sound. I can use software algorithms to repair the lost packages with software. When the software makes everyone feel effective, everyone realizes what is a major change. . Because 20 years ago, most countries involved in voice services, which are the most important basic components of national sovereignty and information sovereignty, so they are called basic telecommunications services. This is the same as today's situation. No matter what the currency is, if there is something that does not hold the currency, and there is no government sovereignty to start discussing this topic, it is also a huge beginning.

Chen Baiwei: Our family has received several maids from the Philippines and Indonesia. Now the maids are from Myanmar. I found that they are all connected to their hometowns. Because they make long-distance calls, it is very inconvenient to call in remote places like Myanmar. It's very expensive. I use Facebook to contact them. After they send their monthly salary, they have to send the money. They are working as a maid in Singapore to raise a family. How to send it? She is not in the bank's remittance center. Indonesians have places where Indonesians gather. Burmese people have places where Burmese gather. Filipinos have places where Filipinos gather. They send money to the building. There are underground money houses that we talk about. He tells others about my family. Where is it, what and so, she put her salary there every month, at home in Myanmar, or in the Philippines, Indonesia, where someone will send money to the house, every month.

So when Libra came out, I felt that I wouldn’t talk about it in other scenes. I think it’s very convenient for the light maid to send money back. Just now a teacher said that there is no bank account, no smartphone, but we need to know that Libra's background is because of Facebook, plus other applications, he uses this program for 2.7 billion globally, a total of 7 billion people on the planet, he There are 2.7 billion people, and he can't help the 2.7 billion people.

Bai Shuo: Whether you can enjoy inclusive finance is not exactly the same as whether you are poor or not. For example, China’s embarrassment can scan for food. Why our communications infrastructure is well developed because of our financial infrastructure. Now, in this international pattern of splitting sovereignty, if a poor country has to build such a communication infrastructure on its own, it will be a monkey year.

Zhu Jianming: There are many aspects involved in inclusive finance, but I believe that digital currency will definitely promote the inclusive finance. Let me give you an example. For example, bitcoin is used in cross-border payments. The operation of the system is as simple as sending WeChat. But if we go to the bank to complete a cross-border payment transfer, I believe that there is no certain culture to do. For digital currency, cross-border payment is definitely promoted to inclusive finance. But as for Libra's advancement, I think this is definitely a good aspect for 20 billion Facebook users, but it is a question mark for our country.

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Hu Jie: Is Libra's non-use blockchain technology impossible?

Zhang Ruidong: The initial application of the blockchain is digital currency, which guarantees the anonymity of the transaction to a certain extent. This is in line with the characteristics of cash transactions in the real society. Paying the money in one hand, you will not ask who I am, the money is how did it get here. Libra involves global cross-border payments, and the ability to build credit in the network through blockchain protocols is the best solution.

Yuan Dao: If Libra itself is a revolution, it must first stand with civilization, first stand with the people, not tall. The blockchain started from Bitcoin. After ten years of ups and downs, it formed enough consensus. Everyone has understood what accounts and payments are controlled by users, and they have fully established consensus in the process of no one to control.

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Hu Jie: Which countries and regions will have a moderate and positive attitude towards Libra? Which areas are relatively harsh and prudent?

Zhu Jianming: Libra may have a market in some small countries. Just like our current bitcoin, countries with problems in the currency system such as Venezuela and Zimbabwe may be brought to market.

Chen Bojun: Libra's appearance may have three attitudes. The first category is Zimbabwe and Venezuela, Cuba and other countries where the monetary system is facing a collapse, which is passive acceptance. Regardless of the government's willingness, but the people have the need to use Libra, this is the passive acceptance of the first category of countries. The second category of countries like Singapore is an active acceptance. Because it is an export-oriented economy, it is originally a transit station. It is not a cargo transfer station, a talent transfer station, or other transfer stations. He will actively participate in the trend. The third type is divided into two types. One is like China. For the stability of the political power, China must actively embrace the digital currency. He must be very repulsive to Libra because he wants to see who the knife is in. This is An attitude. There is also a relatively closed country like North Korea, which is an internal circulation country and is relatively exclusive to Libra. The regime has three representations of Libra.

Yuandao: First of all, there are a large number of countries with a high degree of non-marketization and very developed countries. The government has limited voice in matters such as Libra. Things that are supported by the US government are not necessarily what they can do. The government can do it without support. Because it is a multi-stakeholder society, just as the government is only one party in the Sino-US trade negotiation process, there are many different stakeholders. Therefore, government support is not the first priority. The most important thing is that the people support not support the users. Support does not support, young people like it or not, and it is such an attitude for many market economy countries.

China is not suitable for the Libra system, not only is not suitable, including the Chinese team, Chinese Internet companies are going out to do Libra, Cibra, etc., don't talk about the “Belt and Road”, and don't talk about Chinese government support. It is best to not support no objection. If you do it overseas, exporting to domestic sales may be the best case. Today, support may kill a project. This is my opinion.

Zhang Ruidong: Everyone talked a lot, I will add a different angle. In which countries and regions is Libra most likely to land? One angle is that the countries and regions that are most ambitious to become the world financial center for the next decade and 20 years will welcome the Libra currency, including Dubai. Dubai has always wanted to build a Middle East, or even a global financial center, including Singapore, Singapore Libra accounts for 7% of the money pool, including Japan, we can not ignore the ambitions of Japan's new finance, we do not pay enough attention in this regard . The other is South Korea. As far as the United States is concerned, the problem in the United States is not to say that it does not support the issue of Libra’s landing, but whether the US government has any means of supervision. After Libra is released, how do you know that you are operating in the existing regulatory framework of our country, or I think If there is any way to supervise supervision, it will provide these two perspectives.

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Hu Jie: If C-Libra (Chinese version of Libra) supports a basket of currencies not only RMB, but also contains important international currencies, is it necessary and possible? Will Libra succeed?

Zhu Jianming: For our country, the development of digital currency is inevitable. The new digital currency to be issued in the future is a new currency. After the issuance of this currency, each of our accounts may be digital currency and there is no bank deposit. This has a very big impact on the entire financial system, but it is a region. Libra I think it will land, but the process will be more tortuous.

Bai Shuo: I said three sentences. First, the world can accommodate more than one kind of Libra. The world is big enough, and it is entirely possible to compete with him. Second, to engage in this second currency, China is the most qualified to take the lead. Third, such a currency is not only a currency, but also an ecology. The ecology includes both financial capabilities and financial services itself, as well as self-contained traffic, self-contained business models, and self-contained values.

Li Guangdou: Libra will definitely launch. Just now Yuandao teacher also said very well, there are certain scenes, and the power of the people is greater than the power of the government in some places. This is the first sentence. In the second sentence, if our central bank has a vision, we should launch our so-called C-Libra as soon as possible. In the third sentence, Bitcoin is digital gold, and many people have found gold from here. I think the digital currency also wants young people to pay more attention. Maybe it's your next chance to make a fortune.

Chen Bozhen: First, China is very suitable for launching C-Libra. China is a big manufacturing country. So many commodities are exported, and there are many accounts for sovereign currency settlement in various countries. Second, China’s “Belt and Road” has encountered many problems. The “Belt and Road” has encountered many obstacles in Southeast Asia. Under this circumstance, after China’s launch of Cibra, the biggest problem is to say “One Belt, One Road”. Every country is in a debt crisis. The emergence of Cibra can reduce this obstacle and reduce friction, which is necessary. Third, Libra I think will succeed, but after the success, I will not call Libra. I don't know, it will succeed, but it must be the “castration” version of Libra.

Yuandao : I believe that if Libra represents a trend, there will be no more than one. Just like when the mobile Internet became a trend, when there was an Apple, there would be no other smartphone, but Android would be developed by Android. A large number of Samsung, Huawei, and Xiaomi, who originally did not match the mobile phone, have become suppliers of smart phones. This is the first thing. Since it is a basket of currencies, it has redefined that the issued currency is not an air currency, nor a legal currency. In such a case, the colorful multi-level digital currency world and the built-in pass-through economy are not yet wonderful. At the beginning, this is the first sentence.

Secondly, I especially agree with Mr. Bai that China has the most abundant application scenarios, the most solid foundation of mobile payment, or returning to my own point of view. China and the Chinese government can have different views on this issue. With such complicated international politics and the Sino-US game, the Chinese government is willing to support and is willing to bring "One Belt, One Road" and so on. For these products, there is no extra point for these undertakings, and there may be more obstacles in the world.

Third, if the blockchain is recognized as the next parallel world of the Internet, the basic spirit of bottom-up, what is the difference between multiple parties and many countries? In the era of telecommunications, from top to bottom, the era dominated by the government, the organization of telecommunications in many countries was called ITO, and its headquarters was in Switzerland. Today, the central banks of various countries and the central bank of the central bank are also in Switzerland. This is a multilateral organization, and all participants They are the top figures in the central banks of all countries. What is multi-party? The organization of the Internet, the two organizations, the multi-party organization, the government is only one party, consumers, manufacturers, academic institutions, all kinds of alliances are one of the parties, .com, .cn, etc., as well as the Asian information distribution IP address. The organization that assigns numbers is different from Africa. At the round table, the government is only one party. Re-emphasize this one.

Zhang Ruidong: I would like to talk about a few different views. 1. For Libra, our country should not be rejected and accepted. The slowdown is to let the company enter the Libra operation process. Now our ants Jinfu, Tencent, a little bit on the face, mobile payment is much more than you do, you have not yet launched something, let us be your member, although 10 million is nothing, but on the face Not coming down. National interests should also be there, and China should actively participate in Libra.

2. C-Libra. Our financial strength should be a bit of a glimpse of the world in the world. We are all financial experts here. It is better for some time. Otherwise, who is the choice of a basket of currencies? Can you escape the dollar?

3. Libra will definitely land, but there is still a very hard way to go. There are three aspects of the problem, one is the issue of sovereignty, the other is the issue of supervision, and the third is the immature technology. Once the blockchain can't be modified, someone has put forward a point that smart contracts must be changed.