2019, 3 Chinese blockchain keywords in the eyes of foreigners

After the ups and downs, ups and downs of 2019, 2020 has arrived, and the stories of right and wrong in the blockchain industry are still continuing …

I'm Lylian, editor of Babbitt International, and I'm focused on communicating Chinese blockchain news to foreign readers. At the end of the year and the beginning of the year, looking back at the 250 manuscripts and messages left by foreign readers in the past twelve months, I saw three Chinese blockchain keywords in their eyes.


Chaos in English originates from Greek and is a scene before the beginning of the universe. It is chaotic and disordered. In many myths, the world originated from chaos. The Chinese blockchain industry also grew under this chaos.

In June, the 42-year-old founder of BitEase, Hui Yi, chose to commit suicide after failing to sell bitcoin futures with high leverage. Also in June, Sun Yuchen announced that he had photographed Buffett's sky-high lunch, then canceled the lunch, and then the party was publicly apologized by Border Control. A high-profile lunch with stock gods finally ended as a farce.

In July, the PlusToken wallet, known as the first fund in the currency circle, was exposed to crash and ran, with a scale of more than 20 billion yuan. Seeing this amazing number, foreign currency friends lamented "not that all the blockchain projects made by Chinese people are fake, but these Southeast Asian blockchain scams are really invincible", and foreigners who are familiar with the Asian market are kindly reminded " Westerners need to do better DD when engaging with companies in Asian market. Although six "Chinese executives" were arrested when the news broke, the stolen funds still flowed through the wallet, and the global market was filled with panic. In the following six months, this hidden currency circle tumor continued to cash out money laundering, and the price of Bitcoin dropped all the way.

In August, a flood in Sichuan, known as the Bitcoin mining capital, affected the hearts of millions of Bitcoin miners. China accounts for 66% of the global computing power, and Sichuan alone exceeds 50%, which has also raised concerns among foreign communities about the centralization of mining. Among the top ten mining pools in the world, China occupies eight, and even if Chinese regulators are unwilling to tear up their mouths, China has already occupied a monopoly position in the cryptocurrency industry. This fear is reflected in the market, that is, the increasing number of foreign mining machinery companies.

In October, the two co-founders of Bitmain Wu Jihan and Zhan Ke's group seized power. Subsequently, Yang Zuoxing, the founder of Shenma Mining Machinery, was taken away by the police on suspicion of "possession misappropriation." According to a source, Yang Zuoxing, who reported a criminal crime, was the result of the departure of former chairman Zhan Ketuan, the former chairman of Bitmain. Several companies rejoiced and some worried. On the same day, Jia Nan Yunzhi successfully listed in the United States. Despite the fierce "game of power" in the mining industry, several major mining machine manufacturers still launched high-power mining machines one after another. The normal iteration of the mining machines also gave relief to miners at home and abroad.

From the international perspective, the confusing and inexplicable Chinese currency circlers, the astounding e-wallet or the success or runaway, the elusive Chinese mining company "Three Kingdoms Kill", but maybe after the early chaos, it can breed The biggest business opportunity.


It is precisely because of the early and rapid development of China's blockchain technology that the Chinese government's regulatory policies are also at the forefront of global regulation. China's every move on virtual currency supervision has been focused by international perspectives.

In April, the National Development and Reform Commission proposed to include virtual currency mining activities in the list of eliminated industries (the proposal was revoked in November). Also in April, the State Internet Information Office released the first batch of domestic blockchain information service record lists, and in October, the second batch of list was announced.

In September, the five ministries and commissions of the Inner Mongolia Autonomous Region issued a notice to clean up and rectify virtual currency mining. Since then, China's mining industry has been in the "supervision season". On December 27, the Ganzi Tibetan Autonomous Prefecture of Sichuan Province held a "Symposium on Cleanup of Bitcoin Mines in the State." On the same day, the Dantu District People ’s Court of Zhenjiang City opened a trial in accordance with the law in the case of bitcoin mining by Zhenjiang ’s extraordinarily large “mining machine”. The principal offender was sentenced to a maximum of 13 years in prison; Hebei Tangshan Police seized 6,890 bitcoin mining machines during the operation.

Since November, the virtual currency exchange has encountered "three consecutive strikes". Shanghai, Shenzhen, Beijing and other places have upgraded their supervision, conducted investigations on virtual currency trading-related activities, and cracked down on virtual currency transactions. Many small and medium-sized exchanges have been investigated or fancy exits.

With every move of the Chinese government, global blockchain and virtual currency participants have brought their attitudes to the ups and downs of the Bitcoin K-line. Just as every minute adjustment of Washington financial institutions is infinitely magnified in the US dollar market, every move in Beijing is also infinitely magnified in the virtual currency world.

See the clouds

On October 24, the Central Political Bureau collectively studied blockchain. National leaders emphasized that blockchain should be used as an important breakthrough in independent innovation of core technologies, and the development of blockchain technology and industrial innovation should be accelerated. The leaders of China, a large country, collectively learn about blockchain, setting off an upsurge in industrial blockchain, and the international vision "sighs with sorrow", looking forward to China's leading new trend in blockchain technology in the world, which will instantly drive the rise of Bitcoin and domestic currency.

"[More than] one billion people will see this news. Search volumes and web traffic will balloon. […] Parents will be urging kids to learn crypto and blockchain (More than 1 billion people will see this news, search volume and traffic will Proliferation. Parents will urge children to learn cryptocurrencies and blockchain) "

"With the recent announcement by President Xi, I believe China will further accelerate the innovation of blockchain applications including state-initiated projects such as Central Bank Digital Currency (after Xi ’s speech, I believe that China will further accelerate blockchain application innovation, including national Projects such as central bank digital currencies) "

It is true that following the social giant Facebook's launch of the cryptocurrency plan Libra in June and a speech by the leaders, China has accelerated the development and disclosure of the digital currency DCEP, and the central bank's digital currency is "coming out", which has caused widespread debate in the Internet and financial circles at home and abroad.

The fact that International Vision can determine is that the Chinese government supports and encourages the "technology" of the blockchain, and the spring of the blockchain has arrived. Chinese state media have also repeatedly stated that the government should seize the opportunity to strongly support the blockchain, and positively affirmed the role of the blockchain in reducing the cost of value transmission and liberating productivity. But for virtual currencies, various regulations have shown the Chinese government's attitude. How to weigh the relationship between blockchain technology itself and virtual currency, the Chinese government is moving from one size to the other while learning boundary boundaries. At the same time, this proposition has also stirred up in any corner of the global blockchain and digital currency forums.

Industry chaos, regulatory catalysis, and the emergence of clouds constitute the Chinese blockchain industry in 2019. Entering 2020, these stories will continue. Bitcoin halving a few months later, is it a chance to make money, or is it a disaster? What will happen to Sichuan, the world's mining capital, and how will millions of Chinese miners respond? Will the mining industry be reshuffled … With the launch of the central bank's legal digital currency, will the supervision of virtual currency continue to be upgraded? What impact will it have on the global virtual currency market and financial markets? The upsurge of industrial blockchain, the entry of traditional state-owned enterprises, banks, and Internet giants, what kind of demonstration and benefits will the global blockchain industry bring?

In the new year, Babbitt International Station will, as always, pass the dynamics of China's blockchain to the world. And readers around the world will also use the "mouse" to vote, let us wait and see how the "2020 China Blockchain Industry" will look from a global perspective.