On February 27th, the "New Era of Blockchain - Dialogue with Professionals" hosted by Coinsuper, a digital currency trading platform, was held in Hong Kong. Dr. Color, deputy director of the Peking University Institute for Economic Policy, delivered a keynote speech.
Golden Finance, as a strategic cooperation media, interviewed Dr. Color after the meeting.
Dr. Color said that the blockchain has the potential to change the way the industry operates. From the application of data, the blockchain is subversive, but more potential has not yet been fully realized. At present, the application of blockchain is mainly in On the digital currency. Later, as the technology matures, the blockchain will develop a new underlying architecture in the Internet of Things and government public services, but it cannot be called subversion. It is more about changing the traditional form and improving production efficiency. For the time being, it is still necessary to make a technical breakthrough to realize these potentials.
In the color doctor, the word "decentralization" was abused. “Decentralization†refers more to distributed storage, which is a technical change rather than a permission issue. The storage and exchange of data does affect the distribution of the industry to some extent, but it does not mean that there is no core node for “decentralizationâ€. Blockchain is a low-level technology in which the “decentralization†mentioned is the decentralization of data, rather than the decentralization of capital or the decentralization of industry monopolies. From a monetary point of view, decentralization does not mean that the central bank no longer issues money, but the central bank issues its own digital currency and still has an important position in the entire financial market. Dr. Color emphasized: "Decentralization is more decentralization of the underlying technology."
When it comes to the currency economy, Dr. Color said that the token economy has always been. “I have always used digital currency to compare with gold. I think it is the digitization of gold.†First of all, digital currency is not a currency, but to some extent it has the function of money. The legal currency has government credit and coercive power as the basis. When the government credit and coercive force fail, it will return to the golden age. Gold and silver can be used as currency because of their own characteristics, the first of which is consensus. The premise of the monetary function of an item is that there is enough consensus. Why do some people compare digital currency to digital gold? Because it is based on algorithms and is recognized as unbreakable, this is a consensus.
Even if it is called "tokens," it is still not a currency, but has a certain degree of currency. Only in extreme cases, such as in Venezuela, can it replace the function of money. Even when there is hyperinflation, when the government’s credit collapses, the public begins to trade in gold. But because it is not completely mandatory, there must be some speculation. Dr. Color believes that tokens are essentially a kind of financial asset, and the primary purpose of financial assets is to invest and then demand returns.
Therefore, there is no competition between the token and the legal currency. Because it is inherently risk-averse, when the market is in a panic, its value will be reflected, which coincides with gold. As an investment, the only problem is the bubble problem caused by excessive volatility. But there will be a bubble in any financial market, and the central bank will regulate it, even if it is strictly controlled, but it will not be closed. However, if there is a "ambition" to compete with the legal currency, it is nothing but self-destruction.
For more and more "cotton coins" appearing on the market, Dr. Color said that as long as it has storability, tradability and synchronicity, it is a financial asset. And the overall supply of the market is limited, but the demand for wealth storage and transfer is infinitely growing, and then other currencies need to be supported. "So many people go to learn the technology of Apple's mobile phone. It turned out to be a mobile phone for people. Now that everything is normal, you can't call a cottage phone," said Dr. Color.
As the deputy director of the Peking University Economic Policy Research Institute, Dr. Color also proposed the education popularization of financial technology. He said that if the blockchain is officially accepted by the public, it needs to be involved in the education system. At present, only a few scholars have opened lectures or discussed them as hot topics. However, from the perspective of the market, it is necessary to provide corresponding textbooks and systematically open this course in order to truly achieve the popularity of the blockchain. But the premise of becoming mainstream is that further research is needed on blockchain technology to overcome its shortcomings.
There is a phenomenon in China that is “after the market has been supervised firstâ€. Dr. Color said that although China's supervision will be "slow one shot", it will eventually keep up with the trend of the world. Dr. Color holds a positive attitude towards the future trend of China's regulation. He explained that the current domestic regulation is becoming stricter for three reasons.
First, the regulation itself is not very familiar with the blockchain, so it will be more nervous to some extent. Second, China is currently achieving a comprehensive well-off, and the task of maintaining stability is the most important, so the prevention of financial risks is very strict. However, the financial market has not been calm in the past two years. In particular, the fluctuations in the blockchain sector are too volatile, which will inevitably lead to greater regulatory attention. Third, the current financial regulatory system is undergoing reforms and personnel are also being adjusted. Therefore, Dr. Color said that after the establishment of a new regulatory system and people's understanding of blockchain technology, the possibility of development will be even greater.
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