In foreign countries, good news and stricter regulation go hand in hand. On the positive side, the Russian Entrepreneurs Association suggested establishing an encryption valley in Russia; the U.S. government allocated $800,000 to blockchain researchers; Venezuela implemented a dual-currency parallel policy. On the negative side, the South Korean government banned venture capital firms from investing in virtual currency exchanges. In addition, some countries and regions have implemented some measures to help regulate the development of the industry. For example, Korean civil experts will launch the Blockchain Law Association to speed up legal research on the blockchain system; G20 officials issued a statement on the digital economy this Friday.
1. Good news
Focus this week
International section
1. Good news
Venezuela implements dual currency parallel policy
Venezuelan President Maduro announced that the country will begin to implement currency reforms starting August 20, implementing a monetary policy in parallel with the digital currency "Petro cryptocurrency" and the traditional currency "sovereign bolivar". The "Sovereign Bolivar" is Venezuela's new currency, replacing the "Strong Bolivar" from Venezuela's original currency on August 20.
Association of Russian Entrepreneurs: Proposal to Establish Crypto Valley in Russia
The Russian Association of Avanti Entrepreneurs proposed to the government to create two "encryption valleys" in Kaliningrad and Primorsky Krai, making them special economic zones with experimental legislation.
US government allocates $800,000 to blockchain researchers
2. Steady progress
2. Steady progress
According to Yonhap News Agency, a group of South Korean blockchain technology experts recently stated that they will launch the Blockchain Law Association to speed up legal research on distributed database systems. The organization claims to invite experts from the legal and technology industries. It is understood that the official ceremony will start on August 24, 2018.
G20 officials may issue a statement on the digital economy this Friday
From August 23rd to 24th, more than 30 officials from the Group of Twenty (G20) discussed issues related to the digital economy in Salta Province, northwestern Argentina. It is reported that officials are expected to issue a statement on the digital economy on Friday.
Japanese Financial Regulator: No Plan to Excessively Restrict the Virtual Currency Industry
3. Regulatory upgrade
3. Regulatory upgrade
South Korean Government Bans VC Firms from Investing in Virtual Currency Exchanges
The South Korean government classifies virtual currency exchanges as a fluke industry and prohibits venture capital firms from investing. Accordingly, some analysts pointed out that this may indicate that the South Korean government believes that the development of virtual currency exchanges will cause greater negative effects on society than the development of the blockchain market.
Information giant Thomson Reuters and the Singapore Fintech Association (SFA) recently announced that they have committed to jointly promote projects and initiatives to promote the development of Singapore's fintech industry, with a focus on using emerging technologies to solve financial crimes. Thomson Reuters Labs provides capabilities across disciplines such as data science, artificial intelligence, blockchain engineering and data visualization.
Central Bank of Nigeria to develop regulatory framework
1. Good news
Domestic sector
1. Good news
Yuzhong District strives to build a "blockchain capital"
According to a report from Chongqing Daily, Yuzhong District vigorously develops big data intelligence, focuses on the development of blockchain and other industries, strengthens technology research and development and application implementation, and strives to build Chongqing's "chain island" intelligent industry cluster. By 2020, it is expected to gather more than 100 blockchain enterprises and more than 5 pilot demonstration projects.
2. Regulatory upgrade
2. Regulatory upgrade
On August 24, the China Banking and Insurance Regulatory Commission, the Central Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China and the State Administration for Market Regulation jointly issued the "Reminder on Preventing Illegal Risk Fundraising in the Name of "Virtual Currency" and "Blockchain". Some media have noticed that this is the first time that the Ministry of Public Security has appeared in official documents on the supervision of virtual currencies, ranking after the China Banking and Insurance Regulatory Commission and the Central Cyberspace Administration of China. This is also the first time outside of "virtual currency", someone has been pointed out to use the banner of "blockchain" to carry out risk fundraising. "Our crackdown on illegal fundraising in the name of virtual currency has never been relaxed. Our consensus with the public security and Internet information departments has become more consistent and in-depth, including the actions against official accounts such as Jinse Finance and Economics a few days ago. One of the performances.” A person close to the regulator told the media.
Recently, the Leading Group for Financial and Social Risk Prevention and Control of Chaoyang District, Beijing issued a notice prohibiting the promotion of virtual currency. The Financial Office of Chaoyang District, Beijing consulted on the specific content of the notice, and learned that the notice was issued in the name of the district office. The background is that in the process of investigating investment-related financial risks, especially Internet financial risks, relevant departments found that an overseas platform named BitUP held promotional activities in the area to promote virtual currency-related investment products to domestic investors, fund products, etc. In order to protect the rights and interests of investors, this notice is issued.
National Internet Financial Rectification Office: Platforms with overseas servers will be blocked
On the morning of August 22, some media learned from the Office of the National Internet Financial Risk Special Rectification Group that the next step will be to take necessary control measures on the 124 virtual currency trading platform websites with servers located outside the country; regularly investigate and shut down domestic ICO and virtual currency Transaction-related websites and public accounts; at the same time, starting from the payment and settlement end, we will continue to strengthen the clean-up and rectification of virtual currency transactions. In the next step, relevant departments will take further targeted clean-up and rectification measures to maintain financial order and social stability.
Jiangsu Financial Office's special rectification of financial risks expands to virtual currency
The Jiangsu Provincial Finance Office comprehensively sorted out various financial risks in the province, and sent letters to the governments of 13 districted cities, reminding them of potential risks including specific risk points, and urging them to file and deal with them one by one. Continue to carry out in-depth special rectification of Internet financial risks, expand the scope of rectification to virtual currency, ICO, campus loans, cash loans, etc., and carry out on-site inspection and disposal of key objects identified in the investigation stage.
