Yang Dong, Renmin University of China: Blockchain regulation requires Chinese theory

On October 31, Yang Dong, director of the Center for Financial Technology and Internet Security of the National Development Institute of Renmin University of China, published an article in the Beijing News, "The Theory of Blockchain Supervision Needs China." The article pointed out that at present, China has a good foundation in the field of blockchain, but its further development also faces many challenges. First, the development of blockchain technology puts higher demands on regulation. Technology itself is neutral, and it may not be able to develop in the right direction in the process of development. It needs to be properly guided and cannot be completely left unchecked. The regulatory experience of P2P and equity crowdfunding provides lessons and experience for the regulation of Bitcoin. The biggest lesson is the need for timely supervision. Especially when the future development of innovative industries is not clear, people often rely on regulatory trends to judge the future trend of the industry. Therefore, appropriate regulatory mechanisms will be an integral part. This kind of supervision must be constantly adjusted according to the development of the blockchain to adapt to the needs of different stages.