Supervision and oversight of regulatory oversight have paved the way for the healthy development of the blockchain industry

Summary

Incident: Recently, the media focused on reporting that regulatory authorities in various places concentrated on clearing and violating laws and regulations involving blockchain and virtual currency, paving the way for the healthy development of the industry. On November 20, the official website of the National Standardization Management Committee announced that the National Standardization Commission will establish a number of national professional standardization technical committees to accelerate the construction of standardized technical organizations such as blockchain technology.

The Blockchain Standards Committee is about to be established, and regulatory standards will promote the healthy development of the industry. On November 20, the official website of the National Standardization Management Committee announced that the National Standardization Commission will establish a number of national professional standardization technical committees to accelerate the construction of standardized technical organizations such as blockchain technology. Specifically, around the hotspots of social concern such as blockchain technology, sharing economy, baby products, etc., the National Standards Commission has accelerated the construction of standardized technical organizations, and started a number of technical committees such as blockchain and distributed accounting technology. Work is currently proceeding in an orderly manner.

A number of official media reported that the regulatory authorities focused on standardizing and clearing illegal phenomena involving "virtual coins", paving the way for the healthy development of the industry. Recently, CCTV focus interviews, Xinhua News Agency and other official media focused on reporting that local regulatory agencies are comprehensively investigating "coin speculation" activities in their territories, reminding them of risks related to "virtual currency" violations. At the same time, the financial supervision department also cooperated with the China Internet Finance Association to timely dispose of newly emerging virtual currency trading venues, ICO activities, and overseas trading currency platforms. Regulators have also increased supervision of commercial banks and third-party payment agencies.

Wu Zhen, head of the Internet Financial Security Technology Key Laboratory of the National Internet Emergency Center, said in a focus interview: "At present, we have monitored blockchain companies with the words" blockchain "or" There are more than 32,000 blockchains, which is a relatively large number, but after actual monitoring, we found that there are actually not so many companies that actually have blockchain technology, or that they have a chain, which is probably this number. About 10%, or even less than 10%. "Regulatory agencies in Beijing, Shanghai, Shenzhen and other regions have conducted investigations and standardized cleanups involving blockchain-based virtual currencies, and said that they will continue to increase risk disposal in key areas. In accordance with the requirements of the unified national special rectification, fully implement the task requirements of the National Mutual Funds Remediation Office and the Online Loan Remediation Office on the special rectification of P2P, actively support industry associations to play a self-discipline role, improve the long-term supervision mechanism in key areas, and continuously strengthen Crackdown on illegal fundraising, ICO and other illegal activities.

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Supervision and cleanup regulations have paved the way for the healthy development of the industry. We believe that only the positive interaction between the blockchain industry and regulation, combined with the needs of the real economy, can be considered "ground gas."

Last week's market review: Chainext CSI 100 dropped by 20%, and the AI ​​performance in the segment was the best. From the perspective of subdivisions, payment transactions, pure currency, and AI performed better than the Chainext CSI 100 average levels — -18.59%, -18.48%, and -12.08%, respectively. The Internet of Things & traceability, social entertainment, business finance, and foundation enhancement , Basic chain, storage & computing sectors performed worse than the Chainext CSI 100 average level, -29.65%, -25.34%, -23.85%, -23.72%, -22.03%, -24.47%.

Risk Warning : Uncertainty of regulatory policies, project technology progress and application landing is less than expected, and cryptocurrency-related risk events occur.

1. Hotspot tracking: Supervision of regulatory overweights and clearing up, paving the way for the healthy development of the industry

Incident: Recently, the media focused on reporting that regulatory authorities in various places concentrated on clearing and violating laws and regulations involving blockchain and virtual currency, paving the way for the healthy development of the industry. On November 20, the official website of the National Standardization Management Committee announced that the National Standardization Commission will establish a number of national professional standardization technical committees to accelerate the construction of standardized technical organizations such as blockchain technology.

The Blockchain Standards Committee is about to be established, and regulatory standards will promote the healthy development of the industry. On November 20, the official website of the National Standardization Management Committee announced that the National Standardization Commission will establish a number of national professional standardization technical committees to accelerate the construction of standardized technical organizations such as blockchain technology. Specifically, around the hotspots of social concern such as blockchain technology, sharing economy, baby products, etc., the National Standards Commission has accelerated the construction of standardized technical organizations, and started a number of technical committees such as blockchain and distributed accounting technology. Work is currently proceeding in an orderly manner. Following the eighteenth collective study on the current status and trends of the development of blockchain technology by the Political Bureau of the CPC Central Committee on October 24, the official website of the Ministry of Industry and Information Technology will actively promote the healthy and orderly development of blockchain with three major measures. At the level, there is a regulatory policy and industry application of the blockchain to further introduce regulatory policies to promote the healthy development of the industry.

A number of official media reported that the regulatory authorities focused on standardizing and clearing illegal phenomena involving "virtual coins", paving the way for the healthy development of the industry. Recently, CCTV focus interviews, Xinhua News Agency and other official media focused on reporting that local regulatory agencies are comprehensively investigating "coin speculation" activities in their territories, reminding them of risks related to "virtual currency" violations. At the same time, the financial supervision department also cooperated with the China Internet Finance Association to timely dispose of newly emerging virtual currency trading venues, ICO activities, and overseas trading currency platforms. Regulators have also increased supervision of commercial banks and third-party payment agencies. Wu Zhen, head of the Internet Financial Security Technology Key Laboratory of the National Internet Emergency Center, said in a focus interview: "At present, we have monitored blockchain companies with the words" blockchain "or" There are more than 32,000 blockchains, which is a relatively large number, but after actual monitoring, we found that there are actually not so many companies that actually have blockchain technology, or that they have a chain, which is probably this number. About 10%, or even less than 10%. "Regulatory agencies in Beijing, Shanghai, Shenzhen and other regions have conducted investigations and standardized cleanups involving blockchain-based virtual currencies, and said that they will continue to increase risk disposal in key areas. In accordance with the requirements of the unified national special rectification, fully implement the task requirements of the National Mutual Funds Remediation Office and the Online Loan Remediation Office on the special rectification of P2P, actively support industry associations to play a self-discipline role, improve the long-term supervision mechanism in key areas, and continuously strengthen Crackdown on illegal fundraising, ICO and other illegal activities.

Taking the blockchain as the basic platform and combining the Internet of Things, AIoT and other technologies to solve the credibility of the entire trade process is the general direction of the industry's development. In July this year, the CBRC issued the Guiding Opinions of the General Office of the China Banking and Insurance Regulatory Commission on Promoting the Real Economy of Supply Chain Financial Services to the major banks and insurance companies, suggesting that banks and insurance institutions be encouraged to incorporate new technologies such as the Internet of Things and blockchain. Embedded trading links. The combination of blockchain and AIoT technology, online and offline linkage is the general direction of industry development. This year, the results of the selection of blockchain innovation results were announced at the 7th China Electronic Information Expo (CITE 2019), and Tencent Cloud's blockchain supply chain finance (warehouse receipt pledge) solution was awarded "CITE2019 Blockchain Excellent Solution". . This solution fully integrates Tencent Cloud's blockchain technology and warehouse receipt pledge financing scenarios, and combines technical capabilities such as smart warehousing, smart IoT, artificial intelligence, and big data analysis to effectively solve the identity trust and risks in the traditional warehouse receipt pledge financing process Control and inefficiency. As a tamper-resistant and traceable database ledger, the blockchain can ensure the authenticity of the data chain; however, online and offline integration alone cannot be solved independently by blockchain technology. By combining with the Internet of Things, AI and other technologies to complete the deep binding online and offline, the transparency of cargo flow, data chain, and credit transfer is further promoted to facilitate the financing of the supply chain and improve efficiency.

Supervision and cleanup regulations have paved the way for the healthy development of the industry. We believe that only the positive interaction between the blockchain industry and regulation, combined with the needs of the real economy, can be considered "ground gas."

2. Government related news: UK Justice: Crypto assets are tradable assets, and smart contracts are executable under UK law

The British Judicial Working Group reports: Crypto assets are tradable assets and smart contracts are enforceable under UK law. According to Finextra, the head of the High Court of the United Kingdom Geoffrey Vos issued a landmark legal statement stating that crypto assets are tradable assets and smart contracts are enforceable under British law. This statement is hailed as an important step in recognizing the legality of smart contracts and crypto asset transactions in the UK, and legal uncertainty is no longer an obstacle to adopting smart transactions.

National Standards Commission: Started a number of technical committees such as blockchain and distributed accounting technology to prepare for construction. The National Standards Committee recently established a group of national professional standardization technical committees. At the same time, around the hot areas of social concern such as blockchain technology, sharing economy, baby products, etc., the National Standards Commission has also accelerated the construction of standardized technical organizations, and initiated the establishment of a number of technical committees such as blockchain and distributed accounting technology. , Is currently underway in an orderly manner.

3. Industry chain-related developments: BTC miners' earnings fell 14.3% MoM

(The following source website data is updated to November 24)

Last week, BTC added 2.16 million transactions, a drop of 0.4% from the previous month; ETH added 4.95 million transactions, an increase of 5.4% from the previous month.

Last week, the average daily income of BTC miners was 14.08 million US dollars, down 14.3% from the previous month; the average daily income of ETH miners was 2.17 million US dollars, down 10.5% from the previous month.

Last week, the average daily hashrate of BTC reached 91.5EH / s, a drop of 3.5% from the previous month; the daily average hashrate of ETH across the network reached 179.6TH / s, a decrease of 3% from the previous quarter.

Last week's BTC network-wide mining difficulty was 12.97T, an increase of 0.9% from the previous month. The next difficulty adjustment date is December 6, with an estimated difficulty value of 13.28 T (+ 2.39%). Last week, the average ETH network-wide mining difficulty was 2.44T, down 2.7% MoM.

4. Last week's market review: Chainext CSI 100 dropped by 20%, the AI ​​performance in the segment is the best

We introduced the Chainext CSI series of professional index products in the token market, where the CSI 100 index represents the overall market trend; the CSI 5 index represents the market's large-cap currency trend; and the CSI 21-100 index represents the market's small-cap market trend. Affected by the new regulatory environment and news, the market continued to pull back sharply this week. As of last Sunday (November 24), the Chainext CSI 100 index was 619.1, a 20% decrease from the previous week, and the total 24-hour trading volume on Sunday was US $ 47.4 billion; of which, the global average price of BTC was US $ 7047.92, a decrease from the previous month 18.1%; the average global price of ETH was $ 142.83, a decrease of 23.1% from the previous quarter.

From the perspective of subdivisions, payment transactions, pure currency, and AI performed better than the Chainext CSI 100 average levels — -18.59%, -18.48%, and -12.08%, respectively. The Internet of Things & traceability, social entertainment, business finance, and foundation enhancement , Basic chain, storage & computing sectors performed worse than the Chainext CSI 100 average level, -29.65%, -25.34%, -23.85%, -23.72%, -22.03%, -24.47%.

risk warning

1. Regulatory policy uncertainty;

2. The technical progress and application of the project fell short of expectations;

3. Risk events related to cryptocurrencies occur.

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