Text/Wang Qiao
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Zinclink, as the first institutional media to propose industrial blockchain, has been actively promoting the implementation of industrial blockchain. Through in-depth reports to directly poke at the pain points of the industry, through sharing sessions to listen to the voice of the industry, through weekly reports to present a broad view of the industry, and through comments to present a unique perspective of industry observation.
Text/Wang Qiao
This week, the central bank’s digital currency can already be applied for online, followed by the latest progress in the research on digital currencies of Japan, South Korea, the United States, and the European Central Bank, and the competition for digital currencies in various countries has entered a fierce state. The Cryptowisser report shows that 75 cryptocurrency exchanges have been shut down so far this year, a 56% increase from last year.
Industry Information and Comments
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The Bank of Japan releases a central bank digital currency report in Tokyo. Demand for digital currencies could rise rapidly, the Bank of Japan said. The Bank of Japan stated that it is ready for changes in the digital currency situation. If the cash flow declines, a central bank digital currency may be issued for payment. Still committed to delivering cash. A practical experiment will be conducted on the central bank digital currency. Even if the cash flow does not decline, it is appropriate for the Bank of Japan to issue a digital currency from the perspective of improving the stability and efficiency of the payment and settlement system. Want to ensure that central bank digital currencies can be used for cross-border payments, not just domestic payments. Even if the Bank of Japan wants to issue a general-purpose central bank digital currency, it should maintain a two-level system and issue digital currency indirectly through intermediaries. The first concept experiment is planned for early 2021. (Golden Ten)
Industry Information and Comments
The Bank of Japan released a central bank digital currency report and plans to conduct the first concept experiment early next year
The Bank of Japan releases a central bank digital currency report in Tokyo. Demand for digital currencies could rise rapidly, the Bank of Japan said. The Bank of Japan stated that it is ready for changes in the digital currency situation. If the cash flow declines, a central bank digital currency may be issued for payment. Still committed to delivering cash. A practical experiment will be conducted on the central bank digital currency. Even if the cash flow does not decline, it is appropriate for the Bank of Japan to issue a digital currency from the perspective of improving the stability and efficiency of the payment and settlement system. Want to ensure that central bank digital currencies can be used for cross-border payments, not just domestic payments. Even if the Bank of Japan wants to issue a general-purpose central bank digital currency, it should maintain a two-level system and issue digital currency indirectly through intermediaries. The first concept experiment is planned for early 2021. (Golden Ten)
Comment: Before the first half of 2020, the Bank of Japan was generally cautious about the central bank’s digital currency, focusing on pros and cons analysis and research, and stated that it has no plans to issue a CBDC. Since July, with the advancement of the digital renminbi pilot, the Bank of Japan’s attitude has changed, and it has begun to increase its layout and accelerate its advancement.
U.S. Treasury is working with the Fed on central bank digital currencies
U.S. Treasury Undersecretary Justin Muzinich said in a speech that the Treasury Department is working with the Federal Reserve on a potential central bank digital currency (CBDC) pegged to the U.S. dollar. The Federal Reserve and Treasury are also part of an international working group evaluating digital currencies, Muzinich said. In his view, there are clear efficiency and cost advantages to using a distributed ledger. Muzinich also said that the U.S. and Europe must cooperate to regulate cryptocurrencies. (CoinDesk)
Comment: The domestic digital currency can be applied for online, and the research in other countries is also accelerating. The competition for the central bank's digital currency has never stopped.
The Bank of Korea plans to build a CBDC trial operation system in 2021
The Bank of Korea (BOK, the country’s central bank) stated that it had completed the CBDC-based design/requirements definition and implementation technical review in July, and on this basis advanced the second phase of the project “CBDC Work Process Analysis and External Consultation ". The third phase will carry out CBDC system testing to check whether the CBDC system can function properly in a "constrained environment". BOK plans to build a CBDC trial operation system within the next year. In addition to the urgent need to issue a CBDC, the Bank of Korea has also decided to first review the technical and legal requirements for introducing a CBDC and run a CBDC test system in order to preemptively respond to changes in the internal and external payment environment. (Yonhap News Agency)
Comments: Earlier, the South Korean government has been cautious about issuing the central bank digital currency CBDC. In April of this year, South Korea’s central bank digital currency plan only surfaced.
ECB to decide on launch of digital euro project in mid-2021
On October 2, the European Central Bank released a comprehensive report on the possible issuance of digital currencies. According to the report, the ECB plans to make a decision on whether to launch a digital euro project in mid-2021. The report states that in a rapidly changing digital world, a digital euro could provide eurozone citizens with a secure form of currency. Specifically, the issuance of the digital euro is conducive to supporting the digitalization of the European economy and the strategic independence of the European Union. It can also be used as a new monetary policy transmission channel to reduce the risk of conventional payment services and enhance the international currency of the euro. status, improving the overall cost of the currency and payment system, etc.
At the same time, European Central Bank President Christine Lagarde said that Europeans' consumption, saving and investment behaviors are increasingly digital. The ECB will ensure that people trust the euro and make it fit for the digital age. "If necessary, we should be prepared to issue a digital euro." Regarding the digital currency, the European Central Bank will launch a public consultation on October 12, extensively listening to the opinions of the public, academics, financial institutions, and the public sector, and assessing its needs. Relevant internal tests will also be carried out simultaneously. (Xinhua Finance)
Comment: Some media said that after the emergence of the digital euro, the dollar was the most affected. Because a digital euro can provide citizens with a secure form of currency in a rapidly changing digital world, it will provide an alternative to foreign payment providers for fast and efficient payments in Europe and beyond, thereby supporting the euro's progress as a world currency.
Digital RMB red envelopes in Luohu District, Shenzhen can be claimed online
On the evening of October 8, Shenzhen City officially launched a digital RMB red envelope activity. According to the introduction, the red envelopes are distributed to all Shenzhen citizens by lottery, and citizens can use the red envelopes at 3,389 merchants in Luohu District that have completed the transformation of the digital RMB system. At present, related businesses have also been exposed. Most of the merchants selected in Shenzhen this time are supermarkets, catering consumption and other types, and there are even Shenzhen Tong subway recharge machines that can also use digital renminbi.
According to the news released by Shenzhen, Shenzhen has launched digital RMB to issue consumer red envelopes, with a total of 50,000 places and 10 million yuan. However, you can only apply if you are in Shenzhen. From the early morning of October 9th, individuals in Shenzhen can apply for digital RMB red envelopes online. According to the rules for applying for digital RMB red envelopes this time, all individuals in Shenzhen, as long as they are located within the administrative area of Shenzhen (including the Shenzhen-Shantou Special Cooperation Zone) when making an appointment, use a mobile phone number in mainland China and a second-generation resident identity You can register by appointment. The "Lixiang Luohu Digital RMB Red Envelope" will be issued from 18:00 on October 12. There is no need to bind a bank card to receive and use it. However, if the transaction exceeds the amount of the red envelope, you need to use Gongnongzhongjian The bank card of any one of the four banks recharges the wallet or binds the wallet. (Financial Association)
Comment: More and more information indicates that the central bank's digital currency is expanding the application scenarios of the test in order to do "drills" for the official launch in the future.
Data: 75 crypto exchanges have been shut down in 2020, 56% more than last year
The Cryptowisser report shows that 75 cryptocurrency exchanges have been shut down so far this year, a 56% increase from last year, and it shows no sign of slowing down. Reasons include voluntary closure, hacking, shutdown by the government, or simply disappearing. The report states that cryptocurrency exchanges have been dealing with "competition, saturation, and increasing regulation." Derivatives, non-cryptocurrency alternatives, and the growth of decentralized exchanges are among the underlying reasons for the closure of more than 75 exchanges so far this year. The growth of DeFi is also seen as a factor, as any exchange that does not offer a service or currency related to it could fall behind. (CryptoGlobe)
Comment: As the risks brought by cryptocurrencies continue to increase, the regulation of cryptocurrencies in various countries has become stricter to varying degrees. The country has been in a state of strict regulation, and South Korea, Brazil and other countries are also strengthening regulation this year.
Deloitte report: 55% of respondents regard blockchain as the top 5 strategic priorities
Deloitte's "2020 Global Blockchain Survey Report" pointed out that 34% of the respondents in mainland China planned to invest at least US$5 million in the development of blockchain technology in the next 12 months, and the proportion of respondents in Hong Kong, China, who had such a plan was 52%. %. 55% of respondents see blockchain as a top 5 strategic priority. Meanwhile, 89% of APAC respondents are recruiting or planning to recruit blockchain professionals, and 39% said they have already deployed blockchain technology in production. About 83% of respondents believe that not adopting blockchain technology will gradually lose their competitive advantage, an increase of six percentage points from 2019.
In addition, although the most common global use case of blockchain technology is digital currency, in the Asia-Pacific region, the most common types of use cases for blockchain technology are: data sharing, data correction and data tracking. (Netease News)
Recently, NetEase Mailbox and NetEase Odaily combined blockchain technology to launch the "Blockchain Email Certificate" service. At present, the Just Post project has been officially launched, and all NetEase mailbox members will enjoy this service. It is reported that the "Blockchain Email Deposit" service provides each email account with an exclusive blockchain key. The key is generated by the alliance chain and does not belong to any centralized organization. Every email is signed and sent by the blockchain key, completely eliminating the possibility of centralized organizations and individuals forging emails. (Chinese technology information)
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Comment: Under the advocacy of "paperless office", more and more business negotiations and confirmation of work affairs are based on email. Combined with blockchain technology, each email account is assigned an exclusive blockchain key, and each email is signed and sent by the blockchain key, which can eliminate the possibility of centralized organizations and individuals forging emails.
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Character·Voice
Secretary of the Party Leadership Group of the Ministry of Industry and Information Technology: The vigorous rise of new formats such as blockchain has continuously increased the contribution rate to national economic growth
On October 9, Xiao Yaqing, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, published an article in the People's Daily, "Consolidating the Construction of a Manufacturing Power and a Cyber Power". The article pointed out that cloud computing, big data, Internet of Things, artificial intelligence, blockchain and other new technologies and new formats are booming, the digital economy is developing well, and its contribution to national economic growth is constantly increasing.
Japan's deputy finance minister: China seeks first-mover advantage in building digital currency
Japan's deputy finance minister and international bureau chief Kenji Okamura said on Thursday that China is working hard to develop a version of its digital currency, the yuan, to gain a first-mover advantage. He told a digital seminar that Japan should worry about first-mover advantage. Many analysts believe that a central bank digital currency (CBDC) that enjoys widespread support in international trade and payments could eventually undermine the dollar's status as the de facto currency for world trade and reduce U.S. influence. "This advantage sets the standard for solution design as it is the first technology platform to drive further widespread adoption of digital currencies," Okamura said. (Reuters)
Executive Director of Hong Kong Financial Development Council: Digital currency and cross-border Wealth Management Connect will boost the internationalization of RMB
Hong Kong Financial Development Council (FSDC) Executive Director Au King Lin attended the annual forum of the Hong Kong Offshore RMB Center on the 8th and pointed out that Hong Kong is the world's largest offshore RMB center. Internationalization plays a more important role. In addition, Ou Jinglin said that the current use of RMB outside China has to face the problem of insufficient relevant assets. If the cross-border Wealth Management Link is opened, and the market is currently conducting research on digital renminbi, it will be of great help to the internationalization of the renminbi. He believes that the digital renminbi is easy to use and all transactions can be traced. Hong Kong can be used as a good sandbox for trial. The FSDC will also conduct thematic studies in the future. (China News Network)
U.S. Senate Banking Committee Chairman Candidate: Plans to Reform Digital Currency Regulation
Pat Toomey, a member of the U.S. Senate Banking Committee, said on Monday that if he becomes the committee's next chairman, he intends to reform digital currency regulation and payment systems. Exciting things are happening in technology, fintech, payment systems and possibly digital currencies, all of which are very important and exciting changes that will require some new legislation, new regulations . It is reported that Toomey may be the top candidate for the chairman of the Banking Committee if the Republican Party maintains control of the House in November this year.
