Turn data into wealth! Hong Kong media: China seeks to establish virtual market space

Hong Kong's South China Morning Post website recently reported that China is considering setting up a virtual real estate market, while the Chinese government has defined next steps for its establishment for the digital yuan pilot project.

Details of the proposed digital trading site have not yet been released, according to the report, but analysts believe the exchange will not apply to the cryptocurrency market. . China has historically restricted the circulation of various digital and non-homogeneous tokens.

According to a Hong Kong bank employee who requested anonymity, digital assets include credit information for tokenization of contracts or credits.

Chen Bonan, chairman of the Hong Kong Securities Dealers Association, said the latest announcement will affect the promotion of the use of the digital yuan. You can see that the country has decided to promote its digital advantages.

Mu Changchun, director of the company's Financial Services Research Institute, said earlier that since the start of the trial in late 2019, the packaging industry of China's digital currency industry, called digital yuan, reached 62 billion yuan. .

Li Xiaojia, former CEO of Hong Kong Exchanges and Clearing Limited, said in 2018 that stock brokers have decided to turn big data into long-term products.

Li Xiaojia said at the time that China is now a country with huge data and big data can be a valuable resource if the use of smart technology to control large files. He said he had just started researching the big data market and even though currencies didn't have much to offer.

There is currently no data on the latest developments in related research.

Chen Bonan said that the development of this platform will be easier for Beijing banks, as the digital renminbi is a project that requires a lot of discussion about the management of the People's Bank of China and other important temples.

The first issue of these banks was approved online in 2014. Given the importance of government plans to promote the use of the digital renminbi, it is likely that more banks will emerge in the near future.

Currently, there are five digital banks in China: Tencent's WeBank, Alibaba Group's Internet Merchant Bank branch, and Xiaomi Technology Support Sichuan Xinwang Bank.

Many Chinese banks, such as the Bank of Communications and the Construction Company, have started their own businesses trying to use the digital yuan to buy cash.