CENS Guoxinghua: Regulatory Sandbox and Blockchain Intersect, Helping Innovation

"Financial World" magazine recently published the article "The Regulatory Sandbox and the Blockchain Associated with It" by Guo Xinghua, Chief Economic Analyst of the China Economic Community Blockchain. The article states that the regulatory sandbox and blockchain have once again become the focus of heated discussions. The reason why technology has vitality is to constantly try to break the original barriers, liberate productivity, and build new business logic, but this may be related to existing regulations The system forms confrontation. In the past ten years of development, regular companies are unable to continue to invest in research and development in the face of policy risks. The core technical team of the blockchain has turned to gray areas around the world to avoid supervision and create hidden risks. The supervision sandbox provides a soft piece of sandy land, where the innovative subject can crawl around without worrying about injury; the supervising subject can observe the footprints on the sandy ground and can easily heal the potholes left by failure. On the one hand, the brutal growth of the blockchain industry has spawned a regulatory sandbox. Under the supervision of sandbox 1.0 mode, the government is in a dominant position in the sandbox. It formulates the processes and technical standards of the sandbox business, and needs to give evaluation opinions on the test items. On the other hand, blockchain technology assists the regulatory sandbox upgrade to version 2.0. Supervision sandbox 2.0 distinguishes the functions of sandboxes into system supervision and technology supervision. The process of supervision sandbox 1.0 is used to exercise the function of system supervision. Industry sandboxes are used for testing and evaluation, and objective evaluation criteria are given.