Interview with Li Guoquan: The Way to the Future – Expand the Inclusion of Blockchain

Reporter: pencil leadn

The Singapore Financial Technology Festival, hosted by the Monetary Authority of Singapore, ended on November 17. Still take, Deloitte and other financial giants, IBM, Microsoft and other technology giants and a number of financial technology start-ups have brought brilliant achievements of innovation. During the event, Professor Li Guquan, a finance technology and blockchain expert at Singapore’s New University, accepted an exclusive interview with on the monitoring of digital tokens / cryptocurrencies and the future development of blockchain technology , Digital inclusive finance and other issues published views.n
Ideal for blockchain projectsn
As Asia’s financial center, Singapore has always been quite open to innovation in financial technology. In terms of blockchain technology, Professor Lee introduced:n
n”Singapore is very much advocating for blockchain technology and has launched the ‘Project Ubin’ blockchain project, which has now entered the second phase, which is enough to demonstrate Singapore’s inclusion of emerging technologies.”n
nFrom a regulatory point of view, Professor Li said that Singapore and China are taking two different paths due to many factors, including social culture. The Singapore government has a deep understanding of financial technology innovation, especially the blockchain technology. In terms of regulatory philosophy, Singapore usually focuses more on details and the law is clear, and all are defined by law to determine whether there is a need for supervision, how to supervise and whether resources should be supervised.n
Since the beginning of this year, the issuance of digital token has been blitzed. Professor Li explained this new financing model derived from the blockchain technology:n
n”There are three types of digital tokens currently available: one is a securities token, one is a functional tokens, and the other is tokens that fall between them but can not accurately define their nature. The currency itself has to be governed by the law of Singapore, which requires full communication with the Monetary Authority to conduct business in accordance with the original rules and regulations; functional tokens are completely beyond the control of the Monetary Authority; and the other is between Singapore has set up a “regulatory sandbox” specifically for this purpose, encouraging innovation on the one hand and innovating beyond the control of innovation on the other, while further studying the regulatory policies. “n
nTherefore, for blockchain start-ups, Singapore can be said to be ideal for blockchain projects. However, no matter what type of tokens are required to comply with anti-money laundering and anti-terrorist financing laws and regulations. Just during the Singapore Financial Technology Festival, Singapore’s central bank, the MAS, released the Guide to the Release of Digital Tokens that sets forth the applicable law relating to the issuance of digital tokens. In order to facilitate domestic readers to understand Singapore’s latest policies and regulations, also specially translated and published a Chinese version of the guide.n
Expand the blockchain technology’s inclusivenessn
According to Alipay official data, on the eleventh day of the first five minutes and 22 seconds, the peak payment reached 256,000 / second, while Ant Financial self-developed database processing peak reached 42 million times / sec, both set a record. Professor Li said blockchain transaction speed has not yet reached 256,000 / s 1%, so the block chain to achieve its potential for development will take some time. But he believes that this is only a technical issue and will be solved sooner or later.n
At present, to realize the development of blockchain technology, it is imperative to promote the large-scale application of this technology. One of the keys to this research is how to achieve the decentralized nature of this technology. The second is to accurately locate the service’s population of this technology. In this regard, Professor Lee said:n
n”To serve the existing population, the emerging blockchain technology is clearly not yet competitive enough, so blockchain technology is still targeted at those who are ignorant of the lack of financial services, that is, inclusive finance The development of the blockchain is still based on this perspective as a starting point, while ensuring its decentralized nature. “n
nAs far as inclusive finance is concerned, there are many areas where blockchain technology can bring about change, and asset ownership is one of them. Professor Li explained:n
n”In this regard, the most important contribution of blockchain is to help people without assets to own assets, even if it is a very small part, so-called fractional property, and its decentralized features can guarantee anywhere in the world Are able to enjoy and participate, while also ensuring the liquidity of assets in the world, to achieve a very inclusive form of ownership of the assets. “n
nBack to the basics, the blockchain may bring unprecedented subversion to all industries, but the full realization of this technology and the value of the key lies in the expansion of the inclusiveness of the technology, that is how to make good use of this technology to the center Characteristics, accurate positioning of the technology target service population, expand the scope of application, the project landed. This may be an important issue to be solved urgently by technology enthusiasts and blockchain start-ups in the near future.n

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