Pan Helin, Zhongnan University of Economics and Law: Strict supervision helps blockchain get back on track

On January 13th, Pan Helin, Executive Dean of the Institute of Digital Economy of Zhongnan University of Economics and Law, published in International Financial Newspapers "Strict Supervision to Help Blockchains Return to the Right Track". The article said that as the blockchain continues to receive the attention of regulators, it is only a matter of time before the blockchain is back on track. As far as regulation is concerned, my suggestion is that as blockchain penetrates into various industries, it is not realistic and cost-effective to implement comprehensive supervision. Therefore, it can be designed for only a few of them to ensure that the main risks are captured. Does not inhibit the passion for innovation. First of all, supervision should focus on the current main risks, namely, the virtual currency field, and severely crack down on groups that illegally raise funds in the name of the blockchain. Let the society understand that the advancement of blockchain technology is not based on the enthusiasm for speculation. Secondly, strictly review the blockchain projects, give support to truly beneficial projects, and punish those enthusiastic projects. The central bank should solidify the regulatory guidance into laws as soon as possible, and at the same time, introduce new technologies into the supervision to achieve a "new" system with a "new" system. In the end, the author wants to emphasize that the risk prevention and supervision of blockchain is only a typical supervision method in the transition period. How to supervise in the face of new technologies and new models should be a problem that is continuously considered on the long-term development road.