News

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CIDE, along with AAMA’s headquarters in Silicon Valley, CA and its Pearl River Delta branch in Guangdong, organized and presented the technical symposium covering topics related to blockchain and digital currency on September 4th, 2020. Focusing on the global trend of blockchain and strategies for developing blockchain in China, this symposium is dedicated to dissecting the many opportunities and challenges surrounding blockchain and its connection to digital currency.  

 

This particular event was broadcast live to the global audience and could be live streamed via platforms including Sina.com, Xinhua.com, Youku.com, Bilibili.com etc. Our record shows that a couple hundred thousand viewers watched this event live at the same time.

 

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1. Background Information

  1. Blockchain serves as one of the main pillars of the 4th industrial revolution.
  2. Bitcoin is the very first and also the most well-known application of blockchain.
  3. Chinese tech startups have already become an active player in the cryptocurrency game since 2019.
  4. BSN and DCEP were launched in China in 2020.
  5. Push for a transformation of business modes in China to increase China’s credibility.

 

2. Bio of the Keynote Speaker

Prof. Michael Sung,

Assistance Professor in Finance,

Co-director of the FISF Fintech Research Center, Fudan University

Ph.D. in Electrical Engineering and Computer Science, MIT

Founder and Chairman of CarbonBlue Innovations

 

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A Nurturing Environment

 

Prof. Sung covered a variety of topics ranging from creating a nurturing environment for blockchain development and strategies for the growth of blockchain in China to the future of blockchain and cryptocurrency.

  1. Internet revolution 1.0: the freedom of information
  2. Internet revolution 2.0: the decentralization of digital asset.
  3. Advances of key technologies and regulatory support from the government

 

Strategies and Blueprint for China

 

  1. The Five-year Plan: growing digital currency and blockchain
  2. Infrastructure: coordinating various IT systems
  3. The NDRC: provide technical support to BSN in multiple cities in China.

 

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The Future of Blockchain in China

 

  1. China strives to eliminate all illegal/underground trade in blockchain and provide a clean environment for the fast growth of blockchain
  2. China continues to be a powerful player in the global blockchain competition aided by its successful one-belt-one-road initiative.
  3. China will continue its large-scale testing and application of digital currency (RMB) in its domestic market.
  4. The digital asset revolution and securitization will continue to expand in China.
  5. The digitalization of RMB and other currencies is a long-term process, which has the potential to bring the world together as a whole.

 

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