China dynamics: (1) the first digital RMB prepaid consumption platform in China has been piloted. Under the guidance of Shenzhen Central Branch of the people’s Bank of China and Shenzhen local financial supervision and administration, on May 6, Futian District government and Shenzhen Construction Bank jointly held the release and signing ceremony of the country’s first prepaid platform for digital RMB education and training institutions. Shenzhen Construction Bank signed a digital RMB cooperation agreement with the first batch of cooperative education and training institutions, marking the successful implementation of the project in Futian District. (2) Shenzhen launched the research on blockchain legislation to help the development of yuanuniverse industry. Shenzhen information service industry blockchain Association organized and held a blockchain legislation seminar at Shenzhen Greater China International Trading Plaza to start the Legislative Research on the meta universe trust mechanism.
Overseas dynamics: (1) Luna’s market value is almost zero. On May 12, Luna coins, once known as “Maotai in the coin circle” by coin circle players, plummeted by more than 99% to less than 1 cent / piece. Luna’s historical price was as high as US $119.5. Meanwhile, cryptocurrencies such as bitcoin and Ethereum also fell sharply, by more than 10% and 20% respectively. (2) Instagram officially tested NFT. (3) Japanese Prime Minister: blockchain, NFT and metauniverse are part of Japan’s future strategic growth. Japanese Prime Minister Fumio Kishida said that the growth related to Web3, including the development related to metauniverse and NFT, will become part of Japan’s future strategic growth, and called on British business leaders to support his project. (4) Google set up a Web3 team to provide services for blockchain developers. The purpose of building a back-end Web3 application development team is to provide a service for Google’s blockchain developers. (5) Bank for International Settlements: 90% of the central banks have invested in the development of CBDC. According to the latest 2021 central bank digital currency survey report released by the bank for International Settlements, the proportion of central banks engaged in CBDC development has increased from 86% in the previous year to 90%. Among them, about 60% of the central banks said that one of the reasons for accelerating the development of CBDC was the strong growth of stable currency and other cryptocurrencies.
(6) International Securities Regulatory Commission: a global cryptocurrency regulatory authority may be established next year. Ou Dali, chairman of the Council of International Securities Regulatory Commission, said that there is an urgent need for a joint agency responsible for coordinating global cryptocurrency supervision, which may be realized within next year. With the collapse of the stable currency terrausd (UST), the financial world pays attention to the trend of the cryptocurrency market. O’dali said there was a clear need for a global organization to coordinate encryption rules.
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.
