Focus | Blockchain and legal digital currencies are promising, and financial standards soon follow

2022-06-25 0 By

On February 8, 2022, market supervision administration of the People’s Bank of China, silver insurance regulatory commission, securities regulatory commission (CSRC) and other four departments jointly issued by the “standardized” difference “financial development planning”, repeatedly mentioned blocks in chains, and other financial technology standard construction, lead the healthy development of financial technology specification, also mentioned that steady legal digital currency standard.In more than two years, most provinces in China have unveiled blockchain-related development plans.In the industrial development of blockchain technology, finance has always been the main field of application.Financial standardization work to do “difference” period, on February 8, 2022, market supervision administration of the People’s Bank of China, silver insurance regulatory commission, securities regulatory commission (CSRC) and other four departments jointly issued by the standardization of the financial “difference” development plan “(hereinafter referred to as the” planning “), repeatedly mentioned blocks in chains, and other financial technology standard construction, lead the healthy development of financial technology standard.The plan also mentioned that the development of legal digital currency standards will be steadily promoted.Development of Financial standards To improve the quality of fintech Development Financial standards are technical requirements that need to be unified in the financial field, providing rules and guidelines for financial activities.At present, the development of China’s financial standard system is not balanced and sufficient, the market independent standards need to be further standardized, the digital transformation of standards is slow, the number and capacity of professional research institutions is insufficient, and the shortage of compound talents.Sun Yulin, a senior researcher at the Academy, told China Times: “There are only a few financial standards related to blockchain, only a few industrial standards and local standards for reference.This just shows that the application of blockchain in the financial industry is still in the early exploratory stage, and the industry may have differences on some specific concepts and practices.”Chairman of Blockchain Special Committee of China Communications Industry Association, “Chain Reform:Chinese thought “the author Zhu Youping block chain to the huaxia times reporters that clearing bank off-balance sheet business in our country, the local financial transactions, fund, P2P, virtual currency, etc., as well as the recent prevent Internet sprawl in areas such as capital, the goal is to have a specification development of finance, to prevent systemic financial risk, this laid a solid foundation for the development of financial standardization.During the 13th Five-Year Plan period, China has increased the supply of standards in artificial intelligence, blockchain, big data, cloud computing, mobile finance and other fields to effectively improve the prevention of financial technology risks.Fintech is an important part of financial standardization and modernization, and the Plan explicitly mentions the role of blockchain technology in promoting the formulation of financial standards.According to the plan, the development and effective application of standards such as cloud computing, blockchain, big data, artificial intelligence, biometrics and the Internet of Things will be strengthened to lead the healthy development of fintech standards.The plan also focuses on improving financial infrastructure standards and promoting the standardization of basic elements of the financial market in the new era.Develop regional equity market and other otc market blockchain-related standards to promote otc market business model innovation.Regional equity market is the primary form of capital market and the base of China’s multi-level capital market. In theory, it should develop dislocated with the main board, small and medium board, growth Enterprise Board and new Third Board, and complement each other’s functions to expand the coverage and depth of the capital market.But in practice, there are few regional equity markets that can give full play to the function of capital market.Although the number of listed companies seems to be quite large, the number of investors participating in the transaction is limited, and the actual transaction is not active. Most regional equity markets even have almost no transaction.Yulin Sun believes that there is huge room for imagination in the possible transformation of the equity market brought by blockchain.In theory, blockchain could reshape and simplify almost every process, including the issuance of securities, trading, clearing and settlement, and shareholder voting, with trading and liquidation being the focus.Future block chain technology in regional equity markets at least five practical application scenarios, including: connect each big financial institutions and platforms, to set up the market to participate in the intermediary institutions of credit system, strengthening the construction of micro, small and medium enterprises credit information database, perfect the regional market equity registration hosting functions, and promote regional market docking with the multi-level capital market system.As for the release of the Plan, Zhu Youping pointed out that the Plan is a broad framework and a guiding principle, and the specific financial standardization needs to keep pace with The Times and be updated dynamically.The role of standardization in modern financial management, financial market system, especially securities and futures, innovation of financial products and services, financial digitization, prevention of illegal financial business in the name of science and technology, and financial opening is undoubtedly a major measure to fulfill the demands of innovative development and high-quality development in the financial field.In order to promote the development of digital economy and modernization of China.”In the digital era, especially with blockchain and digital currency, financial innovation has accelerated.Blockchain is an accounting technology, and to build a digital financial system with accounting as the core is to return to the essence of finance to empower the real economy and build a new financial system in the future digital era.”Zhu Youping further said that at the present stage, overseas virtual currencies such as staboin, DeFi and NFT are rapidly iterating, and there are new species such as E-CNY and digital collections in China.Outside the chain block chain technology is also from public, cross chain, intelligent contracts, DAO and Web3, yuan universe rapid iteration, domestic league chain also in rapid development, in order to adapt to the rapid pace of innovation, protection and even encourage innovation, standardization of avoid by all means not conformism, needs to be synchronized rapid iteration, also to synchronize fast update iterative version upgrade.The development of blockchain technology and application standards has been promoted in recent years.China has made important breakthroughs in the two-way opening-up of financial standardization, with Chinese experts playing a leading role in the development of international standards in areas such as blockchain, sustainable finance and mobile payment, according to the plan.At the beginning of 2022, the Secretariat of the CYBERSPACE Administration of the CPC Central Committee, the General Office of the People’s Bank of China, the General Office of the China Banking and Insurance Regulatory Commission and other 16 departments jointly issued a notice, published the list of 15 comprehensive and 164 featured areas of national blockchain innovative application pilot program determined by local and departmental recommendation, expert review, online publicity and other procedures.Among them, “blockchain + Trade Finance”, “blockchain + Cross-border finance” and “blockchain + Risk control management” have promoted the innovative application of blockchain technology by pilot fintech enterprises or units.Pilot units (regions) should give priority to the use of interoperability and sustainable development capabilities of blockchain hardware and software technologies and products;Actively guide the development of blockchain application to the direction of value, scale and industrialization;We will accelerate the formulation of relevant technologies and application standards.At present, there are mature applications and cases of blockchain technology in payment/cross-border payment, supply chain finance, settlement, factoring, taxation, bills, credit investigation, cross-border payment and other financial fields.In the future, artificial intelligence, big data, cloud computing and other technologies should be integrated and complementary to form a complete closed loop to release real value.According to Sun yulin, the traceable and tamper-free characteristics of blockchain can assist the police in cracking down on money laundering and other financial crimes. It will be one of the important scenarios for the financial industry and digital economy to protect its security in the future.The on-chain Tian-Eye blockchain application can help the police solve the problems of tracing, investigating, obtaining evidence and summarizing clues of on-chain transactions, and help the police crack down on new crimes in the field of digital currency and maintain financial security.Blockchain technology has been applied throughout the financial industry, and there have been many successful cases, but most of them are still in the proof-of-concept stage and not yet mature.Yulin Sun told China Times that the difficulty and challenge of blockchain technology in the financial industry lies in data interconnection, namely “information barrier”.In order for blockchain technology to play its role, cross-department, cross-enterprise and cross-field data sharing is the key. We need to think about how to better make all participants in the financial chain willing to share data and break the “data island”.The combination of blockchain and private computing may make this problem technically feasible.Cultural management association of China rural revitalization of the construction committee deputy secretary-general yuan shuai think, block chain technology in promoting financial innovation, may need to change the financial core model, to strengthen the fine financial management in the development of the technology, and keep in the process of development is closely related to the whole social public life of the financial services infrastructure and books database, to prevent the abuse of technology,Trigger risk.The release of “The 14th Five-year Development Plan of Financial Standardization” has important guidance and constructive significance for preventing illegal activities in the name of science and technology.Legal digital currency standards still need to be further under the country’s financial standardization technical committee, the legal currency, Internet financial, green finance, financial IT infrastructure, financial data, financial information, technical innovation and so on six standard special working group, set up key areas and emerging field further standardized layout optimization.The plan emphasizes the development of legal digital currency standards in six aspects.We will explore the establishment and improvement of legal digital currency infrastructure standards by taking into account secure and trusted infrastructure, issuance and storage systems, registration centers, payment and transaction communication modules, and terminal applications.Specifically, the plan points out that it will study and formulate information security standards for legal digital currencies to ensure their storage, forgery, repeated transactions and non-repudiation during circulation.To study and formulate legal digital currency business and application standards, and establish standardized procedures for issuance, circulation and withdrawal.The plan also emphasizes that the development of technical standards for legal digital currency will help improve the technical security and advanced nature of legal digital currency.To study and formulate basic data element standards for legal digital currency and improve data standards;To study and formulate technical standards for legal digital currency terminals and promote the improvement of terminal acceptance environment;To study and formulate the evaluation and testing standards for legal digital currency, and standardize the testing indicators of related systems and products.Source: Huaxia Times reporter Wang Yongfei Ran Xuedong Beijing report New Community · All media matrix forwarding picture: New farmer Yuan Shuai