cool hit counter Blockchain 100 Cities Tour Special - Chongqing_Intefrankly

Blockchain 100 Cities Tour Special - Chongqing

Xie Yulin-regimentation| Three Words of Finance

Yesterday there was a news that may have shocked the whole cryptocurrency circle for a while - the city of Chongqing has come up with a "digital asset exchange".

The news is largely based on an article on the official website of the Chongqing Municipal Government titled "The city's five major initiatives to actively promote the development of the blockchain industry:

The third of the five major initiatives mentioned in the text is described as follows.

Third, to create an industrial ecology. Actively prepare for the establishment of a blockchain industry development fund, promote the establishment of a blockchain collaborative innovation alliance and research institute, build a blockchain verification development and testing platform, and set up a blockchain digital asset exchange.

The trigger of this official article converges on the "formation of a blockchain digital asset exchange". The Chongqing government has established a "digital asset exchange" in a high profile, does this mean that the "94 era" is coming to an end? For a while cryptocurrency circles were making the rounds, as if this represented the reopening of cryptocurrency trading in China and that it was time for the national team to enter the scene. A few editors at Three Words Finance are even sharpening their knives and preparing to take down and rewrite the China section of the country's regulatory policy that was just posted yesterday.

I have no inner turmoil and even a little craving for cassoulet rice

After a night of deep (han) thought (sheng) and deliberation (ru) (lei) the editor frowned and found that things were not simple. This "blockchain digital asset exchange" in Chongqing is full of suspicions and may not be what we think it is.

First of all, the most unconventional part of this is that it happened in the present day China. Since September 4 of last year, both cryptocurrency trading and ICOs have been completely banned in the country. While there have been noises going into 2018 that the central government is investigating the use of cryptocurrencies and potentially reopening them, the news has remained in the rumor mill. To this day, there has been no clear statement from the central government on opening up to cryptocurrencies and cryptocurrency trading, other than endorsing blockchain technology. In this environment, how can this "digital asset exchange" in Chongqing blatantly defy the laws and decrees of the Central Government?

Secondly, there is the issue of the definition of Chongqing as a "digital asset". Chongqing blockchain digital asset exchange and cryptocurrency exchange may not be one and the same concept. Because cryptocurrencies are indeed considered digital assets, but digital assets would be more than just cryptocurrencies. To put it in layman's terms, the QQ numbers we use, Q coins, and so on are actually considered digital assets. Therefore, this "blockchain digital asset exchange" in Chongqing may not refer to token trading, but rather a "real digital asset" exchange related to blockchain or using blockchain technology.

And as expected, someone came forward to explain.

Your attention is drawn to the fourth point in that chart.

Fourth, the digital assets mentioned are not virtual currencies, much less tokens, but the digitization of assets from some non-standard items and heavy assets, so don't misinterpret them.

In another piece of circumstantial evidence that this may just be an "oops", the Chongqing government's official website pulled the article this morning, possibly because the reference to "digital asset exchanges" caused some degree of misjudgment.

Therefore, I believe that the "blockchain digital asset exchange" in Chongqing and the cryptocurrency exchange we usually understand are two completely different concepts. Chongqing is not getting a cryptocurrency exchange, China still strictly bans ICOs and cryptocurrency trading, and everything is still business as usual.

However just because Chongqing doesn't trade in cryptocurrencies doesn't mean it doesn't engage in blockchain technology

Although this Chongqing government article caused some misunderstanding, the Chongqing government has a long-standing "cult" of blockchain technology, as early as two years ago, the government formulated a series of plans, determined to use blockchain technology to develop the city.

At the end of 2016, the Chongqing Municipal People's Government made a layout for the upcoming 13th Five-Year Plan, resolving that Chongqing will explore the layout of overseas clearing networks and explore the use of distributed computing, blockchain, parallel data processing and mining technologies to develop global multi-currency real-time clearing and settlement services.

In August of the following year, the official document of Chongqing Municipal People's Government, "The 13th Five-Year Plan for Informatization in Chongqing", once again emphasized the development of big data technology, the development of massive data storage, deep learning, block chain, machine learning, stream computing and other cutting-edge technologies as the development plan and policy of Chongqing.

At the end of 17, the city of Chongqing even made a recent plan for 2020, which mentioned that by 2020, Chongqing will create two to five blockchain industry bases, introduce and cultivate more than 10 leading enterprises in the domestic segment of blockchain, more than 50 blockchain enterprises with core technology or growth, introduce and cultivate more than 500 middle and senior blockchain talents, and strive to build an important blockchain industry highland and innovation application base in China. In 2018, SPS, the first blockchain project in Chongqing, was officially landed.

Chongqing has been a major town in southwest China since ancient times, and is a place where soldiers must fight. Nowadays, the coastal cities are sitting on a good geographical location and seize the first opportunity of economic development, making the development of China's inland provinces and cities much slower than the eastern regions. The vast southwestern region, like Chongqing, must "suffer the hardships" and spend more energy exploring development paths that suit them. And Chongqing's choice to embrace blockchain technology may just be the right medicine to solve its development problems. It is believed that in the near future, Chongqing will be able to deliver bright results, and at the same time provide development guidelines for the inland areas of the northwest and southwest of the motherland, driving the national economy to a higher level.

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