Editor's Note: This article comes fromChain reference (ID: lianneican), Author: Internal Reference Jun, reprinted by Odaily with authorization.
Editor's Note: This article comes from
Chain reference (ID: lianneican)
, Author: Internal Reference Jun, reprinted by Odaily with authorization.
Since China has taken the integrated application of blockchain technology as an important support for the construction of digital China, it has suddenly made China a world leader in promoting emerging industries.
Blockchain, a global industry-wide transformation based on technological revolution, is sweeping the world. Germany, India and other countries have raised the blockchain to the height of national strategy, and they all look forward to seizing the opportunity in the era of blockchain.
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Germany: Becoming a "Cryptocurrency Paradise"
From February 20th to March 30th, 2019, the German government launched a blockchain strategy consultation activity, and the final submitted opinions formed a 1048-page document. On September 18, 2019, the German Ministry of Economy and Energy and the Ministry of Finance jointly released the "German National Blockchain Strategy". According to news on November 29, Germany is preparing legislation to allow the banking industry to sell digital assets, including Bitcoin, as a custody place.
According to the news released by the German Federal Ministry of Economics and Energy on September 18, the blockchain strategy was jointly drafted by the German Federal Ministry of Economics and Energy, the Ministry of Finance and other institutions. The German Federal Government pointed out in the blockchain strategy that blockchain technology is the cornerstone of the future Internet, and Germany will further consolidate its leading position in this field. To this end, the federal government has developed guidelines and a roadmap for the implementation of a blockchain strategy.
The German government stated that it will implement management policies aimed at promoting investment, unleashing innovation, maintaining stability and enabling inclusive growth in line with the federal government's sustainable development goals. The specific implementation principles of the German blockchain strategy include 10 items including promoting innovation, promoting investment, ensuring stability, and enhancing sustainability.
In order to seize the opportunities presented by blockchain technology and realize its potential, the German government plans to take measures in five areas by the end of 2021. Key measures in various fields include: 1. Ensure stability and stimulate investment: blockchain technology in the financial sector; 2. Breed innovation: promote the construction of various projects and physical laboratories; 3. Open investment: clear and credible framework conditions ;4. Technology application: digital management services; 5. Information dissemination: knowledge, communication and cooperation.
German Federal Minister of Economy and Energy Altmaier pointed out that the blockchain strategy is expected to enable Germany to maintain and expand its leading edge in blockchain technology. The application of blockchain in the German energy field is the focus, which can promote the digital transformation of energy.
German Finance Minister Scholz said that the blockchain is the cornerstone of the future Internet, and in the application of the blockchain, consumers and national sovereignty must be protected. Among them, currency issuance is one of the core elements of national sovereignty, "we will not transfer it to private enterprises."
On November 29, the German news media Handelsblatt reported that Germany is preparing legislation to allow the banking industry to sell digital assets, including Bitcoin, as a place of custody. The report pointed out that this legislative plan will be part of the fourth edition of the EU Anti-Money Laundering Guidelines Act. The German Bundestag has passed the new bill, but the 16 German states still need to reach a consensus.
If the legislation is successful, specific measures will be implemented in 2020, and financial institutions will be able to provide their customers with services including trading traditional securities such as stocks and bonds, as well as cryptocurrencies.
Currently, German banks and financial institutions are prohibited from selling digital assets to their clients. However, the new bill could push Germany to become the next cryptocurrency industry hub.
Sven Hildebrandt, head of Distributed Ledger Consulting, told Handelsblatt: "Germany is on its way to becoming a cryptocurrency paradise. German lawmakers are playing a pioneering role in the field of cryptocurrency regulation."
Reports also suggest that the new version of the bill has the support of the Association of German Banks, a lobby group of more than 200 German financial institutions. At the end of October, the Association of German Banks called for the creation of a digital euro.
The association claims that financial institutions are well placed to handle the responsibilities associated with running cryptocurrency companies. Stakeholders believe that the lender is experienced in storing client assets and risk management. The new law could prevent cryptocurrency-related money laundering and allow German investors to enter the cryptocurrency space with domestic funds.
However, not everyone is happy with the proposed bill. The consumer center in the German state of Baden-Württemberg fears that the banks will use the new products for more aggressive marketing. Banks in Germany, which are now targeting new customers in various ways, may fail to inform customers about the potential risks of investing in cryptocurrencies, said financial expert Niels Nauhauser.
Fabio De Masi, a financial commentator from Germany's left-wing party, has warned that while banks want to profit from cryptocurrencies, they must not undermine financial consumer protections.
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India: Government develops national blockchain strategy
The Indian government has announced plans to support a new national framework to support the development and integration of blockchain technology. The National Blockchain Framework maps out how blockchain can be used for various applications across multiple industries.
According to a letter published last Wednesday by India's Ministry of Electronics and Information Technology (MeitY), the government has highlighted the need for shared infrastructure.
Sanjay Dhotre, Minister of State for Electronics and IT, wrote: “(MeitY) has identified blockchain technology as one of the important research areas with application potential in different fields such as governance, banking and finance, and cybersecurity. MeitY supported the A multi-institutional project called "Distributed Center of Excellence for Blockchain Technology", of which C-DAC, IDRBT and VJTI are the executing agencies."
The government is currently piloting a blockchain system for property registration in the Shamshabad district of Tragana state, along with other academic credentials, hotel registration management and vehicle certification initiatives that could test the technology to reduce paperwork and speed up processes and related transactions Ability.
While developing a national blockchain strategy, the Indian government is also working on cracking down on virtual currency transactions, proposing a draft bill to ban cryptocurrency transactions and recommending a 10-year prison sentence for those using cryptocurrencies. The bill drafted by Economic Affairs Secretary Subhash Chandra Garg targets those who “directly or indirectly mine, generate, hold, sell, transfer, dispose of, issue or trade cryptocurrencies.”
India's finance minister has sought to clear up confusion over the state of cryptocurrencies in the country. In addition to shutting down several exchanges, including Zebpay, once India's largest digital asset trading platform, the Reserve Bank of India (RBI), the country's central bank, banned banks and financial institutions from accessing customers and businesses offering crypto services starting in April 2018.
Despite the official stance on cryptocurrencies, the recent acquisition of WazirX, India’s leading digital asset platform, has raised some hopes that India will change its stance. Last week, the company was acquired by industry giant Binance. Binance CEO Changpeng Zhao’s mission to make crypto accessible to one billion people in India aligns with the ambitions of WazirX CEO Nischal Shetty’s #IndiaWantsCrypto campaign launched on Twitter last year.
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Blockchain track, China leads the way
With the support of policies in various countries, blockchain technology has entered the fast lane of development. At present, the global blockchain technology competition has formed the first echelon and the second echelon. As of April 2019, Alibaba ranked in the global blockchain patent list in the first half of 2019 with 290 blockchain patents. top of the list. At the same time, we observed the companies in the first echelon and the second echelon, and found that they were all from China. On the whole, Chinese Internet companies have a relatively deep accumulation of blockchain technology. China has a relatively large technological competitive advantage in the blockchain field.
From a foreign point of view, for example, the United States is constantly improving public policies related to blockchain technology; the European Union strives to make Europe a leading region for global development and investment in blockchain technology, and accelerates research on international-level "blockchain standards."
On July 9, 2019, the U.S. Senate Committee on Commerce, Science, and Transportation approved the Blockchain Promotion Act. The bill clearly requires the U.S. Department of Commerce to establish a standard definition for "blockchain" and establish a new legal framework to provide guidance and prevent risks for the application of emerging technologies in the future. The Blockchain Boost Act has bipartisan support, a testament to the fact that members of both major U.S. political parties recognize the value that blockchain technology can bring to the U.S. and the rest of the world, whether by preventing tax fraud, Eliminating bureaucracy or reducing waste, and how technology can be used to reduce regulatory uncertainty.
