WTO Deputy Director-General Yi Xiaozhun: To fully utilize the potential of blockchain to promote international trade through supervision

According to This Day Live, Yi Xiaozhun, Deputy Director General of the World Trade Organization (WTO), said at the opening ceremony of the WTO Global Trade and Blockchain Forum recently held in Geneva that the key to fully utilizing the potential of blockchain technology to promote international trade is key. Policy action and coordination among stakeholders is necessary. At the same time, Yi Xiaozhun also announced a new publication on blockchain jointly launched by the International Chamber of Commerce, Global Trade Finance and WTO. He said that based on a survey of more than 200 participants in the field, the publication discusses the key challenges facing companies involved in blockchain trade-related projects and discusses actions that may need to be taken to make the technology truly change international trading. He added that, on average, trade-related blockchain projects are between pilot and initial production stages. He believes that blockchain can accelerate the digitization of international trade, but this can only be achieved if the legislative framework allows digital transactions and these transactions are confirmed to be legally valid. "Let developing countries and small It is also necessary for participants to benefit from this technology. There is no doubt that blockchain brings interesting opportunities, but it also raises legal, regulatory and policy issues that deserve the attention of all stakeholders. "