"2019 Blockchain Panoramic Scan": Global Policy

Senior Analyst: Li Xueting

Production: Planet Daily Odaily

The blockchain has gone through 2019 in enthusiasm and noise.

This "young" technology, which is still a toddler, has been trotting towards the second "decade" by its own financial attributes and crazy speculators. It has also been restored to rational investors and the followers. Regulators continue to squeeze the bubble.

Whether it can call itself an industry or industry, in addition to the total capital scale, the continuity of various business links, the integrity of infrastructure and landing projects, the integration with other industries, and other judging criteria, the blockchain must also listen to the supervision and say .

In October 2019, China promoted the blockchain as an "important breakthrough in independent innovation of core technologies" with unprecedented importance. Local governments have issued a number of programmatic documents to support their innovation and layout. In addition, Huang Qifan, deputy director of the China International Economic Exchange Center, announced: "The People's Bank of China is likely to be the first central bank to launch digital currencies in the world." Regardless of the technical level or the field of financial applications, official institutions have demonstrated their overall takeover and leadership in the world. Ambition.

For the supervision of other digital currency related activities, domestic policies have become stricter. Financial regulators in Beijing, Shanghai, and Shenzhen have launched investigations into illegal digital currencies and have already achieved initial results.

Looking at overseas mainstream markets, the US SEC has not yet nodded in applying for a Bitcoin ETF, but is the first to release Bakkt. Bakkt, as the first “futuristic exchange” for bitcoin futures delivered in kind, paved the way for the next stage of mainstream digital currency derivatives.

The US Securities Act's update on the registration exemption of securities products, and the prolonged battle between the Token Classification Act and EOS and TON have attracted much attention and will continue to affect the future development of the industry.

In short, the blockchain that is moving into adulthood is no longer an unrestrained child. How to balance social supervision and technological innovation, and let the "chain" and "coin" develop in an orderly manner has also become a topic explored by governments around the world.

At the beginning of 2020, we updated the regulatory attitudes of major countries on cryptocurrencies, exchanges, and ICOs on the basis of the world map of the digital currency-related regulatory policies (October 2018) , and sorted out the country's Cryptocurrency and block chain supervision or support policy details, and the progress of the central bank's digital currency is summarized and summarized into the following three tables.

  • Asia
Japan is one of the most progressive regulatory environments for cryptocurrencies. Bitcoin is generally considered a fiat currency, and in mid-2017, a law, the Funds Closing Algorithm, was passed to recognize cryptocurrencies as legitimate property. In contrast, China's regulatory attitude towards cryptocurrencies is relatively conservative and cautious. In 2013, China banned Bitcoin transactions, and in 2017 banned ICO and cryptocurrency transactions.
  • Europe
The EU's cryptocurrency and exchange regulations are determined by individual member states.
Switzerland is one of the most open regions for cryptocurrencies and exchanges in Europe. In 2016, the city of Zug, known as the Crypto Valley, began accepting Bitcoin payments.
  • North America
Canada and the United States have adopted a similar approach to cryptocurrency legislation at the federal level, and both treat cryptocurrencies as securities. However, provincial and state regulations have quite different taxation requirements for the profits of crypto investments.
  • Latin America
Bolivia: Cryptocurrencies and exchanges are banned.
Ecuador: The first country in Latin America to launch its own tokens; all cryptocurrencies are prohibited except SDE (Sistema de Dinero Electrónico = electronic money system) tokens issued by the government.
Mexico, Argentina, Brazil, Chile: Bitcoin is widely accepted as a payment method.
Venezuela: Cryptocurrencies are widely accepted.
While governments are actively establishing a cryptocurrency regulatory framework, they are also working to launch fiat digital currencies.
As can be seen from the chart below, China is the first country in the world to propose a legal digital currency. Although the official landing time is not disclosed, research and development is progressing steadily.
According to recent speeches by Fan Yifei, deputy governor of the People ’s Bank of China and Mu Changchun, director of the Central Bank ’s Digital Currency Research Institute, the future development of China ’s central bank digital currency (DC / EP) is mainly positioned as part of M0. Institution-currency user "dual issue and operating layer system. The central bank's digital currency has not set a technical route for the time being, but it has proposed a minimum of 300,000 transactions per second. In terms of anonymity, the central bank's digital currency achieves controlled anonymity, that is, it only discloses transaction data to the central bank.
In addition, the European Central Bank also recently announced the layout of digital currencies. On December 17, the European Central Bank (ECB) released the PoC (Proof of Concept) project EUROchain. EUROchain consists of four parts, including two intermediaries, a central bank and an anti-money laundering (AML) agency. Intermediaries can access central bank accounts and can use the reserve balance held by the central bank to provide customers with central bank digital currencies. Intermediaries can also handle their transactions on behalf of clients. In the entire EUROchain network, each party is represented by a node running CorDapp, enabling assets to be quickly transferred between multiple parties. Different from China ’s central bank ’s DCEP positioning, EUROchain ’s CBDC will be more like a stable currency circulating between banks and enterprises, focusing on corporate blockchain innovation and improving inter-bank collaboration efficiency, rather than studying individual consumer scenes to be used.