Blockchain’s future development of China will depend on well-designed regulatory and standardization frameworks near you, according to specialist.
At the 2019 ?Bo’Ao Forum for Asia?in China’s Hainan province on Tuesday, speakers including Chen Lei, CEO of cloud mobile phone network provider Xunlei, and Li Lihui, who heads the Blockchain Research Working Group at China’s National Internet Finance Association (NIFA), discussed up to date blockchain developments in China, in addition to the tech’s future prospects.
While 2019 saw quite a few blockchain projects from technology companies in america, the experts within the panel argued that, further as time goes on, a well-thought-out regulatory framework is likely to become the key driver for those technology’s future growth.
To that effort, Li, who may be also a former head on the Bank of China, amongst the four state-owned commercial banks in america, said developing a regulatory framework for blockchain use shall be one of NIFA’s top priorities in 2019 .
Launched in 2019 because of the People’s bank of China and licensed by the State Council, NIFA is a self-regulatory body that aims in order that the healthy growth of financial technology in the united states.
Aside from choosing a research pay attention to blockchain development, NIFA has been scrutinizing the cryptocurrency industry and issued warnings over the risks relating to initial coin offerings.
“While blockchain’s technological development has seen a major progress in China over 2009 with blockchain platforms launched by internet giants for example Baidu and Tencent, our regulatory initiative is substantially lagging behind”,?Li said about the panel.
According to Li, his organization is eyeing a standardization framework for blockchain use as well as the establishment of any third-party entity being an authority to certify innovations for the tech.
“This needs our immediate attention,” he stated, further arguing that it direction will?also facilitate fostering and recruiting talent that focuses on blockchain.
On the same subject, Xunlei’s Chen Lei?said: “Technological skill isn’t a hindrance to be the market demand keep driving our imagination.”
Xunlei notably entered into the blockchain space recording, allowing users to?earn tokens?through sharing their internet bandwidth.
“Genital herpes virus treatments need for the future, are evident regulatory guidelines for the whole industry to follow”, he?concluded.