On October 25, China’s Xinhua News Agency announced that President Xi Jinping had instructed the blockchain as a core technology to promote independent innovation.
Although this is an affirmation of the blockchain technology itself, it is indeed a "strong shot" for the cryptocurrency market that is in the doldrums. According to cryptocurrency analyst Alex Kruger, bitcoin has a 15% growth and is undoubtedly a masterpiece of "China's opinion." Joseph Young, a cryptocurrency expert, also said, “President Xi Jinping’s blockchain technology is an important innovation, and this step is quite significant.”
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Dobby Wang, a venture capitalist who is well versed in China, told reporters that President Xi Jinping’s speech was also intended to promote the launch and distribution of the Chinese central bank’s digital currency.
Passing through the gloom of the cryptocurrency market
In recent days, Facebook's Libra has been strongly suppressed by the US government, and Telegram's token issuance has also become the target of the SEC (US Securities and Exchange Commission). In the face of all kinds of negative stimulus cryptocurrency market, the positive affirmation of blockchain technology may be the dawn of the entire cryptocurrency market.
According to the reporter's observation, the day when the central bank issued a stable digital currency DCEP is getting closer and closer. Once the digital RMB is launched, it will become the world's first legal digital version of the currency, and this is also likely to change the global financial system. .
Japanese senior media chief Yan Xiongyi believes that after the issuance of DCEP, it will not only fundamentally change China's domestic payment methods. When DCEP enters the international settlement system, the world-financed financial system dominated by the US dollar will be dominated by China. The digital version of the renminbi will also become an international reserve currency. In the face of China's DCEP, Japan must not only have a mentality of watching the fire across the bank.
In June of this year, Facebook announced plans to release Libra, and stable currency has become the focus of global attention. Three months later, the cryptocurrency exchange currency announced that it plans to issue Venus to compete against Libra. On August 10, at the Yichun Forum of China's financial 40 people, Mu Changchun, director of the Central Bank's Digital Money Institute, said that since 2014, the central bank's digital currency DC/EP (DC, digital currency, is digital currency; EP, electronic The payment, which is an electronic payment, has been researched for five years.
On August 27th, Forbes magazine quoted a former head of the World Banking Strategy Department of China Construction Bank as saying that the People's Bank of China has begun to distribute DCEP for use in some financial institutions and related companies. These institutions include Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Alibaba, Tencent and China UnionPay. According to reports, these institutions will start using DCEP from "Double 11". However, this news has not been positively recognized by the People's Bank of China.
On September 6, British financial media Finance Magnate published an article entitled “The only stable currency that may be recognized by China”, which mentions the Chinese central bank’s digital currency DCEP.
However, many industry analysts suspect that the digital currency issued by the People's Bank of China is not based on cryptocurrency developed by blockchain technology. Analyst Roger Huang told Forbes that "DCEP should be more focused on the characteristics of centralized digital currency, and the Chinese central bank should issue digital currency that can be monitored."
On October 28, at the first Bund Financial Summit, Huang Qifan, vice chairman of the China International Economic Exchange Center, said, “The People's Bank of China is probably the first central bank to introduce digital currency in the world.” Head of the Constellation blockchain of financial technology company According to Nicholas Krapels, “If Chinese consumers use DCEP, the internationalization of the renminbi and the speed of currency allocation will be significantly improved.”
So, will the renminbi become a member of Libra’s “a basket of currencies”? At the same time, will there be a set of digital currency linked to the RMB in the Venus plan of the currency security? “Neither is possible,” Krapels asserts. “Libra can never be legally traded in China. Now, even Facebook, Whatsapp and Instagram are blocked in China.” About Venus, the situation is even more uncertain. Krapels believes that the currency will not be opposed to China's policies.
"Party building + blockchain" DApps quietly
In addition to the central bank's digital currency, the application of blockchain in China's government affairs has begun to fall.
On October 26th, China developed the DApps "Chain" on the "Party Building + Blockchain" business. It is understood that this product is the first combination of party building and blockchain technology, so that party members and cadres in the process of experiencing the new technology of the blockchain, in a novel form, let the party members retain their initial heart, verify the initial heart, and not forget the original heart. People's Daily said, "This is not only a new attempt of party building work, but also a new scene for the application of blockchain."
According to the official introduction, party members can record their "initial heart" through "the beginning of the chain", it will be generated into the "beginning heart" block, which will be permanently retained in the blockchain and cannot be changed. The party member will get a key and have three choices: 1. It can be loaded into the Time Capsule and opened on the political birthday (Party Day) or the birthday of the party with the initial key to see the "initial heart"; Choose to board the initial heart wall, directly open your own "initial heart", let everyone witness together; 3, mail to the future, set the mail collection time, no key, when the landing of the People's Party building cloud platform will automatically pop up. In addition, the product was developed by the technology of the blockchain technology company.
On October 18th, the China National Internet Information Office released the second batch of 309 domestic blockchain information service names and filing numbers. The Beijing lord technology company's recommendation system for blockchain credits was selected. It is understood that the leader of the technology was established in September 2016, has provided blockchain technical support for the Chinese Ministry of Commerce traceability, poverty alleviation and so on.