Yi Huanhuan, Dean of Beijing Mutual Gold Association Research Institute: "Blockchain + Finance" will come to fruition in 2020, and the blockchain will enter a new era of smart contracts

Original from: Securities Daily

Reporter Ma Fangye Wang Ning

——Interview with Yi Huanhuan, Dean of Beijing Internet Finance Association Research Institute and Founder of Yigu Tianxia Group


It has been nearly six months since the release of Facebook ’s white paper that Libra has entered the public eye. Although it has struggled tortuously in the development process, it has attracted strong attention from many countries and the public. Recently, Yi Huanhuan, the president of the Beijing Internet Finance Association Research Institute and the founder of the Yiguo Tianxia Group, first spoke about the future and prospects of the blockchain from the birth of Libra in an exclusive interview with a reporter from the Securities Daily.

Yi Huanhuan believes that in 2020, the blockchain will enter a rapid and widespread application, and encrypted digital currency + smart contracts + distributed applications (DApps) will fully blossom, especially in the financial field. "Blockchain + "Finance" will be fully applied: stocks, loans, mortgages, products, smart property and smart contracts will all be involved. "Blockchain is not just a technology, but in this round of technological revolution, the impact of blockchain is far greater than other technologies, and there may be disruptive businesses, technologies or enterprises."

On June 18, 2019, Facebook released the Libra white paper to the world; on July 17, the U.S. House of Representatives' Financial Services Committee held a hearing on Facebook's virtual currency; it was subsequently reported that France and Germany had agreed to boycott Libra; October 5 On the same day, PayPal announced that it had renounced participation in Libra; thereafter, the five EU countries, led by France, are joining forces to boycott Libra's entry into the European market.

In just half a year, some people have barely figured out what cryptocurrencies are. Libra has just entered the public vision and has reached a stage where European countries are resisting development. This also reflects the mystery of blockchain technology from the side.

"Libra is actually a stable digital currency, but it is an anchor currency basket that is mainly used for payments, especially cross-border payments; if the current situation is expected to develop, countries will issue targeted supervision in the first half of 2020 Measures or risk tips, etc. "Yi Huanhuan told reporters that Facebook's strategic goal of publishing Libra is to obtain new profit models, such as paying commissions and node access fees, and the long-term goal is to become a global digital economy. The super-sovereign central bank, until the final establishment of Facebook's digital economy empire, will be applied in a large number of scenarios directly priced in Libra.

Yi Huanhuan believes that according to the current development scenario of Libra, central banks in various countries may take action to bring the leading “regular army” into the market and upgrade encrypted digital currency from idealistic 1.0 to commercialistic 2.0, which has become an irreversible trend. At the same time, multinational corporation alliances dominate the currency denationalization process, and capitalist globalization has entered a new stage; opening up a new battlefield for the digital economy's big game, Libra or the extension of US dollar hegemony and interest representation; In addition, Alipay and WeChat Pay's overseas business also has May be hit hard.

Former Governor of the People's Bank of China Zhou Xiaochuan once publicly stated that it is not only an impact on traditional business and payment systems. Libra's attempt to peg a basket of currencies actually "represents the possibility of a global currency in the future. Trends. In the process of convergence and integration of RMB and foreign currencies, we need to consider the pressure this trend has on us. "

In this regard, some experts pointed out that the world ’s attention to Libra ’s development is mainly based on several aspects: First, Libra is the world ’s first large-scale Internet giant cryptocurrency. In addition to Facebook, Visa, Mastercard, Paypal Large institutions like Uber and Uber are involved. In particular, Facebook has a social network foundation of 2.3 billion people worldwide. It is expected that the promotion speed of Libra is no less than the promotion speed of WeChat Spring Festival Gala. The second is that Libra is linked to a basket of currency deposits or government bonds, and cryptocurrencies that have no asset support such as Bitcoin are more in line with the public's thinking habits.

Yi Huanhuan said that, in fact, the People's Bank of China has been conducting low-key R & D in the digital currency field for 5 years. "The Chinese version of the digital currency project is called DC / EP (DigitalCurrency / ElectronicPayment), that is, digital currency and electronic payment tools, whose functional properties are exactly the same as paper money, but in digital form, and are currently very advanced electronics in China. The payment system provides more redundancy, "he said.

Yi Huanhuan believes that entering 2020, the blockchain will officially enter a new era, that is, the era of smart contracts, encrypted digital coins + smart contracts + distributed applications (DApps), etc. will land, especially in the financial field, such as stocks, Loans, mortgages, products, smart property, and smart contracts. "Blockchain is not just a technology. The impact of this technology is far greater than other technological developments, and there may be disruptive businesses, technologies or enterprises."

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