Dong Yang, Renmin University: Regulators should actively explore blockchain applications, promote their development in an orderly manner, and reduce the risks posed by technology

According to, Yang Dong, director of the Big Data Blockchain and Regulatory Science and Technology Laboratory of Renmin University of China, introduced that blockchain is integrating with different technologies, and the boundary between the real world and the virtual world is being blurred. The risks posed by science and technology are slowly becoming apparent. He believes that in response to the rapid development of the blockchain industry, traditional regulatory models have been weak in response, and various risks brought by asymmetric information have become increasingly prominent. At the legal level, Yang Dong believes that there is a certain lag in the development of the blockchain industry through traditional regulatory laws, which is particularly evident in the financial field of blockchain technology applications. In the face of new problems brought about by new technologies, it is imperative to break through the traditional regulatory dimension, make full use of the opportunities brought by science and technology, and solve the “circle of chaos” in supervision, and effectively control risks while promoting innovation. "Science and technology have profoundly affected the law and governance system. Adhering to the combination of science and technology governance and legal governance is an effective way to reshape the regulatory capabilities." Yang Dong said that the impact of blockchain is not only on the restructuring of productivity and technology, but also It touches the level of production relations and the level of rules, and affects the distribution mechanism and the pattern of benefits. Yang Dong also believes that regulators should actively explore the application of blockchain, promote the development of this technology in an orderly manner, and reduce the risks brought by the technology.