Blockchain Week in Review (19.03.03–19.03.09): What happened in China -and the world?

🌏China Angle

Source: Sina Finance

Summary: According to research conducted by Yao Qian, general manager of China Securities Depository and Clearing Corporation, in terms of payments, the central bank’s digital currency has created a new model for interbank payment settlements, which can optimize the payment functions of traditional legal fiat currency at the retail end; if these systems can effectively be integrated with other broader financial infrastructures, the central bank digital currency can also contribute to social savings and increased efficiency. In terms of monetary policy, based on rational mechanism design, the central bank’s digital currency is not only “neutral” to monetary policy and macroeconomics but also acts as a new tool to enhance the effectiveness of monetary policy. In terms of financial stability, it is possible to avoid the impact of “narrow banks” by increasing the friction and cost of bank deposits to the central bank’s digital currency.

TokenInsight Analysis:

Many central banks have conducted research on launching digital currencies, worrying about the impact on the current financial system, and most of them adopt a cautious attitude, and there are no actual landing cases other than individual countries. The time limit for the development of a legal digital currency by the People’s Bank of China is very early. In 2014, the People’s Bank of China established a special research group on legal digital currencies to demonstrate the feasibility of its own central bank issuing a legal digital currency. In 2017, the People’s Bank of China formally established the Digital Currency Research Institute. Yao Qian has affirmed the advantages of a legal digital currency in liquidation and settlement areas, which helped to reduce circulation costs and improve efficiency. In the future, under the guarantee of a reasonable mechanism, a legal digital currency will surely appear.

Source: 8BTC

Summary: CCTV2 the financial channel “Trading Time” TV program pointed out that Bitcoin has gradually entered the eye of the public’s view; although most governments in the world currently do not recognize the legal status of Bitcoin as a currency, the passing of Bitcoin has begun to serve as an instrument of digital currency.

TokenInsight Analysis:

The CCTV reporting implies that crypto assets represented by Bitcoin and Ethereum are gradually accepted by the mainstream world. The circulation method that exists only between the black market and criminals has gradually entered the public domain. With the iterative solution of technology, such as insufficient performance and lack of supervision, it will gradually play a role in value storage, cross-border payment settlements, public welfare and other fields.


Summary: At present, China’s big five major banks have started the research and development of blockchain projects. Individual projects have been put into operation, and are mainly applied to poverty alleviation, financial fraud, trade finance, digital bills and applications in renting houses in Xiong’an New Area, China.

TokenInsight Analysis:

Among all the large state-owned banks in China, the blockchain research laboratory has been in development since 2016. After two years of development, some of the results of this initiative can already be seen. Blockchain technology can be applied to the use of poverty alleviation funds and poverty alleviation information to help achieve accurate information and reduced management costs. The Xiong’an New Area has already launched a successful blockchain project, which is the first blockchain platform for construction project fund management in November 2017. The financial technology innovation of Xiong’an New Area is further deepening. It is expected that more “Xiong’an development models” will emerge this year, and the financial blockchains in various fields will gradually link to form a real technological innovation.

Source: Jiemian

Summary: One of China’s leading fintech companies Lufax announced on 4 March that it had become the first fintech company in China to integrate blockchain technology into its platform operations, applying the technology to user identity verification and the tracing of online loan transactions.

TokenInsight Analysis:

With the continuous strengthening of online lending supervision, the industry is gradually moving towards integrating blockchain technology to aid this industry. As the largest online lending platform, Lufax’s attempt to use blockchain + online lending has been at the forefront of the industry. The identity management and real-time settlement functions provided by blockchain technology help the online loan platform to manage risk and promote platform mobility. At present, there is still a large demand in the loan market, and the unqualified online lending platform is accelerating. The trend of industry integration is very helpful towards the promotion of blockchain technology. Financial technology innovation will bring an insurmountable advantage to Lufax and other leading platforms.

🌏Industry News

Source: Bitcoinist

Summary: Big Four auditor, KPMG, has released the results of its seventh annual Technology Industry Innovation Survey. The survey, of 740+ global tech leaders across twelve countries, shows an increasing belief that blockchain will change the industry.

TokenInsight Analysis:

With the development and popularization of blockchain technology, more and more enterprises have discovered the value of blockchain technology. Governments have also introduced various preferential policies and regulatory policies for the blockchain industry to support and foster the development of blockchain industry. Companies with technological leadership, such as mainstream Internet companies, financial giants and industry giants, have laid out blockchains. This is the trend of the times.

Source: Ambcrypto

Summary: Fidelity Digital Assets, digital asset solution branch of the largest asset management firm, Fidelity Investments, announced that its Bitcoin custody service has gone live with “a select group of eligible clients”, earlier this week on their official Twitter handle.

TokenInsight Analysis:

At present, the digital asset management industry is still in its early stages of development. Safe and reliable custody services are a missing part of the market. As a world-renowned asset management company, Fidelity’s infrastructure is conducive to the entry of traditional funds.

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