National Information Center Zhu Youping: The Office of the Internet Information Office is a measure to encourage the innovation chain of the blockchain to expel the bad chain.

Author's note: On March 30, 2019, the National Network Office issued the first batch of 197 domestic blockchain information service filing numbers, which indicates that the blockchain technology has taken the first step of standardization, blockchain entrepreneurship Those can do the application formally.

When the market once again turned its attention to the controversial emerging technology of the blockchain, on April 3rd, Zhu Youping, deputy director of the Inter-network Management Center of the United Nations Information Center, launched this online class, in which he mentioned The difference between the issue of the currency and the non-coin project, the compliance of the blockchain project, and the regulatory direction of the “chain ban”, “simple decentralization” and “financial contraction”. He believes that with the implementation of the blockchain filing of the network, the blockchain is a new era in which the industry can be used and people can enter.

Mutual chain pulse: The first batch of records is released. What characteristics do you observe?

Zhu Youping: First of all, we declare that we are here to interpret the experts and help everyone understand the policy. It does not represent the opinions of the national information center of our unit, nor does it represent the opinions of the policy department.

This filing is the first batch, involving 164 companies with a total of 197 filing numbers, which is 197 blockchain projects. The nature of this filing is equivalent to a survey conducted by the Netcom Office, which is information gathering.

The website office clearly stated that the filing is only the registration of the relevant information of the main blockchain information service, and does not represent the recognition of its institutions, products and services. No institution or individual may use it for any commercial purpose, that is, it does not represent the above 164 companies. The company has any regulatory endorsements.

We believe that this filing is only the first step of supervision. It is not the whole regulatory requirement to find out the bottom. According to the policy logic, it is expected that the next step will be to evaluate the 197 filing number items, identify compliance, and propose further regulatory opinions.

Mutual chain pulse: According to our understanding, some companies have submitted their records, but they are not on the first list. What is the reason?

Zhu Youping: The reason is definitely that the submitted information does not meet the requirements or does not belong to the scope of supervision.

Mutual chain pulse: We noticed that there are 197 lists of large company projects and small company projects; there are both currency projects and non-currency projects; both government-involved and private projects seem to Nothing rules?

Zhu Youping: Because it is the first batch, there are 197 lists of large company projects and small company projects; there are both currency projects and non-currency projects; there are both government-related projects and private projects. There is no law. This is normal because everyone's understanding is different. As the work progresses, these technical details will gradually form a unified norm. What needs to be explained here is that the blockchain project for filing does not have the difference between large companies and small companies, government projects and private projects, developed regions and underdeveloped regions, and the policy is treated equally. We believe that in the future, there will be no equal treatment for these policies, such as three or six.

Mutual chain pulse: How to distinguish between the currency and non-coin blockchain projects, how to identify?

Zhu Youping: This time it was a registration record. It did not say that registration was confirmed and it was compliant. It is said that there is a currency project in item 197. This statement should be cautious. It cannot be said without any basis. If there is legal responsibility, there must be evidence. We have noticed that some commentary articles are very rash to say that a certain company has issued a currency. How to act as a media, as an expert, cannot be so rashly concluded that it is legally responsible.

In general, given the situation in China, there are three cases of currency projects:

In the first case, the original currency was issued. After the 94 ban, the coin was returned according to the requirements. This is compliant. After registration, it will definitely pass the subsequent compliance assessment.

In the second case, the original currency project, 94 banned after leaving the country. There are two cases here. One is that the Mint Foundation and the technology companies have moved abroad, and the regulations in this territory are not. Although it is a project for Chinese citizens, it is subject to supervision by the host country and there is no need to register for filing.

The other is that the Money Foundation has moved abroad, and the technology support companies are still in the country. This is a bit complicated. We believe that if the overseas currency fund does not issue money to domestic investors, the domestic technical support companies only provide technical services to overseas projects. Our country's policy only governs this domestic technology enterprise. Since such enterprises are registered, in accordance with the regulatory logic, we believe that it must be proved that it only provides blockchain technical services to overseas foundations, is a general commercial contract, and does not participate in the issue of currency.

The third case is the domestic currency project, which is strictly prohibited. Some people argue that the currency is for fundraising projects, no fraud, no running. But this is not acceptable. The 94 ban is very clear, this category is illegal. Because the project has not been approved, there is no license, that is, illegal fund-raising, illegal fund-raising. China will not give a license, it will not give a license within 3 to 5 years, and there can be no luck. Therefore, we recommend that the project that is still issuing money in the country, and also intends to sell the goods in the territory in the future, or the overseas currency project to sell to domestic investors, these acts as soon as possible, because it has been illegal.

Mutual chain pulse: Are all 197 projects compliant?

Zhu Youping: China has adopted the policy of “ strengthening the chain and prohibiting the currency”. Blockchain enterprises and projects that do not issue coins will naturally be encouraged by the policy. Some experts said that the registration of the blockchain project without the currency is of little significance, and the hype is meaningless.

In fact, we think it makes sense here. Because the public does not know which are the currency projects and which are the non-coin projects. For the project party, dare to register and record, the project party can at least self-certify innocence. Although the website has a statement saying that filing is not the final compliance determination, it is very beneficial to the blockchain enterprise image if it is filed or confirmed in the future. We suggest that you still actively go to the record, don't bother with it, and actually don't have much trouble.

For the regulators, because the industry is mixed, it is impossible to self-purify. Only by relying on supervision can the logic be closed and closed, so that the effect of “good chain expulsion and bad chain” can be achieved. This is the principle of locking on management. Although the lock gentleman does not lock the villain, the lock indicates that the owner is protecting the things in the house, and the gentleman is bypassing; if not locked, the gentleman may enter the house and go with something. Without a lock, a gentleman may become a villain; if you lock, a villain may become a gentleman.

Of course, the 197 projects are only a small part, and there is still no “full red”. According to the data we obtained from the State Administration for Industry and Commerce, there were about 19,000 blockchain companies by the end of 2018. At the end of 2017, the data was 5,000, which means that nearly 15,000 were registered in 2018. We have just removed the registered business and have not engaged in related business. We have divested it and will actually engage in business by the end of this year. This does not include the media. There are 425 companies that do not include the Internet. The overall size of 2018 is 450 million. It is expected to be related in 2019. There will be more than 600 companies and the industry will exceed 800 million. If you count that some companies have more than one blockchain project, this number is even larger. Obviously, 197 are only a small part.

Inter-Chain Pulse: How to tell if a blockchain project is compliant or not?

Zhu Youping: We once wrote that we can do the pass for issuing money, and we cannot do the pass for collecting money. Use blockchain technology to do bookkeeping, or a certificate of reward nature, similar to points, used for corporate governance or chain reform. This pass or bookkeeping is part of the blockchain technology, not an illegal token financing, to be distinguished.

Therefore, we believe that the difference between the blockchain project compliance is the following:

(1) The accounting or pass-through of the nature of the point reward is an integral part of the blockchain technology, which is clearly different from the illegal token financing and is compliant;

(2) not issuing money in the territory, that is, the main body of the issuing currency is not in the territory;

(3) Do not send money to domestic investors.

According to the Regulations on the Management of Blockchain Information Services, the blockchain information service referred to in these Provisions refers to the provision of information services to the public through blockchain technology or systems through Internet sites and application programs.

In this way, the following two services are not in the scope of this definition, and no filing is required:

First, the overseas currency public chain is not in this range at domestic nodes, such as bitcoin mines;

Second, the self-media for popularizing blockchain knowledge is not within this scope.

Mutual chain pulse: What is China's main regulatory direction for blockchain projects?

Zhu Youping: We believe that we should be more comprehensive in the context of the overall national regulatory policy. The Chinese government is decentralizing power, improving the business environment, changing the examination and approval system into a filing system, reducing the threshold for entry, and emphasizing post-event supervision. Therefore, the blockchain supervision adopts a filing system. However, the filing system is not to let go of the flow, and to disregard the frequent violations.

In addition, China has implemented many years of de-leverage financial contraction supervision policies, and banks' off-balance sheet, P2P, and exchanges are all in the process of rectifying and rectifying. Recently, P2P thunder has many cases of fund fraud. Policies must be treated equally. Blockchain financing is at least leveraged, and it cannot be separated from this big framework. Moreover, there are many fraudulent components in blockchain financing.

Mutual chain pulse: What is the consideration for the blockchain filing by the website?

Zhu Youping: The blockchain industry is picked up by the network letter office, which is in line with the policy governance logic of our country. The financial property of the blockchain is very strong and should be led by the China Banking Regulatory Commission. But the blockchain is the value of the Internet, it is digital technology, and the Ministry of Industry and Information Technology is also very reasonable. The blockchain is the underlying agreement for the digital economy, and the National Development and Reform Commission is also taking the lead. The Internet Information Office is the main body of Internet enterprise supervision. The network information office is responsible for coordinating the Development and Reform Commission, the China Banking Regulatory Commission, and the Ministry of Industry and Information Technology. It seems that it is easier to promote supervision.

Mutual Chain Pulse: What do you think of the development of China's blockchain?

Zhu Youping: We talk about blockchain as a revolution, which is different from the Internet information efficiency revolution. It is a value efficiency revolution. The blockchain is the underlying protocol for digital technology and the digital economy, and it carries the mission of a long-term cycle of 500-year economic prosperity after industrialization. We must find a path to realization for the blockchain value efficiency revolution. In the previous bitcoin, there was no closed loop in ICO logic, and policy supervision was a logical closed loop implementation path. The policy also has its own difficulties. At present, the one-size-fits-all policy of issuing currency is a violation of regulations. In fact, the implementation effect of China's policies is still good. While protecting the interests of small and medium-sized investors and preventing financial risks, it has protected innovation, and blockchain technology and applications have developed rapidly.

We believe that the blockchain revolution is still very early, and the influential application of the blockchain will require years of efforts to make the public and policy aware of the blockchain revolution. It cannot be logically established and requires practice to verify that this requires a process. The blockchain revolution still has a long and arduous road to go.

Looking into the future, the blockchain industry is available and 10,000 people can enter. Ordinary people have different paths from different angles and have a lot of opportunities to participate. We believe that the logic of the blockchain revolution is right, and the future of the blockchain is bright!

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