China dynamics: (1) the first blockchain and privacy computing technology innovation platform was established in Beijing. The future blockchain and privacy computing high-end innovation center was established in Beijing on January 28. Relying on the joint construction of Beijing University of Aeronautics and Astronautics and Beijing microchip blockchain and edge computing research institute, the center is the world’s first scientific and technological innovation platform for blockchain and privacy computing. (2) The Ministry of finance, the people’s Bank of China, the state owned assets supervision and Administration Commission, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission jointly carried out the pilot work of bank correspondence in some listed companies, accounting firms and banking financial institutions: promote the use of modern information technologies such as blockchain to promote the digital transformation of bank correspondence. (3) Blockchain technology enables the Winter Olympics. The Winter Olympics has established a food safety traceability system based on blockchain technology. In addition to the food safety traceability system, blockchain technology is also applied to other links of the Winter Olympics. On October 26, 2021, the Winter Olympic Green Power traceability application system based on the main node of the State Grid Chang’an chain was officially put into operation in the Winter Olympic power guarantee service center of Shougang Park State Grid Corporation.
Overseas developments: (1) Google cloud department has formed a new team to build business around blockchain technology. After experiencing the growth of retail, medical and other industries, Google’s cloud department has established a new team to build business around blockchain applications. Google’s cloud market has provided some tools that allow developers to build blockchain networks. (2) ADB will develop a prototype of cross-border securities trading system based on blockchain. The Asian Development Bank (ADB) announced that it had launched a project aimed at making cross-border securities transactions in the Asia Pacific region more efficient and secure through the use of blockchain technology. (3) India’s digital currency will debut early next year. Nirmala sitharaman, Minister of Finance and corporate affairs of India, revealed that the Central Bank of India will launch digital rupees based on blockchain technology before March 31, 2023..
Risk tips
The implementation process of digital RMB and CBDC in various countries is less than expected; Regulatory uncertainty of blockchain application; Blockchain infrastructure construction was not as expected.
