7 growth phenomena of the global blockchain industry in 2021

According to new media, blockchain will continue to deepen in 2021 with the continuation and completion of policies and practices, and other central bank NFTs, meta-universes and digital currencies will explode. .

It is especially important to understand the growth and development of blockchain in the age of digital industry. This line covers the current seven states of global blockchain development in 2021, starting with global and national thinking.

To focus on the development of the blockchain industry, 01 Blockchain and Zero One Think Tank will publish the "China Blockchain Industry Development Census Report (2021)", and related organizations can participate by providing new examples.

(1) Global Thinking: The blockchain industry is developing step by step and the results achieved in emerging markets are excellent.

1. Blockchain has become a very different concept, and cryptocurrency politics have two distinct differences.

In terms of supporting the development of blockchain technology, more and more countries have introduced various measures to improve the blockchain industry at the national strategic level and actively promote technological innovation and development of the blockchain industry. .

In the 18th promotion of the Central Politburo in 2019, China has implemented blockchain technology development of the national strategy. President Xi Jinping (習近平) said, “Blockchain should be the most important factor for the independence of information technology, and the key information should be clearly stated. blockchain technology and innovation, ”he said.

In the United States, in October 2020, the United States government announced its "National Strategy on Critical and Emerging Technologies" to include the management of blockchain-based technology to secure the national infrastructure. In addition, many states in the United States have clarified their policies on blockchain technology, and many states have declared or enacted legislation in the area of ​​blockchain technology.

In addition, countries such as Germany, Australia and Singapore have also established clear rules for the development of blockchain. On September 18, 2019, the German government reviewed, approved and published the “German Blockchain Strategy”, which outlines the national strategy for blockchain and believes that blockchain technology Urine will become an integral part of the Internet at the future and could be of great help. . The development of the German digital industry ...

In February 2020, the Australian government announced a 52-page blockchain industry overview that outlines the potential of blockchain technology and proposes to develop regulatory frameworks for niche markets for xeeb. Singapore has also invested heavily in technology development, with the government allocating $ 12 million in December 2020 to support innovation and the blockchain industry.

The country is using and researching blockchain technology while increasing the scrutiny of the virtual currency market. China has always banned the virtual currency market in the country, and as of this year, announced a law banning the virtual currency market and "the mining industry."

Although there are many cryptocurrency traders and blockchain companies in the United States, there is still no clear regulation of virtual currency classes. The United States Securities and Exchange Commission (SEC) generally treats cryptocurrencies as securities, the Securities and Exchange Commission (CFTC) treats bitcoin as a commodity, financial institutions and the Internal Revenue Service (IRS) cryptocurrencies as assets. courses for income tax purposes.

The cryptocurrency industry in the United States is regulated by the Securities and Exchange Commission (BSA) and must be registered with the Financial Conduct Authority (FinCEN).

Countries such as the European Union, Canada, Japan and Australia have clarified the status of cryptocurrencies and adopted regulatory requirements. Cryptocurrencies are legal in most parts of the European Union, and governance and payment of taxes vary from state to state.

Canada divides cryptocurrency companies into financial services companies (MSBs). Cryptocurrency is taxed in the same way as other cryptocurrency product trading platforms and traders can trade after registering. In February 2012, the country became the first country to approve the Bitcoin exchange rate exchange (ETF).

Japan recognizes cryptocurrencies as legal instruments under the General Purpose Payment Act (PSA), while treating income from cryptocurrencies as “other sources” and taxing them accordingly. . Australia distributes cryptocurrencies according to legal instruments and makes capital taxable, and the exchange can operate regardless of country.

UK Based and Asset Based Cryptocurrencies Cryptocurrency exchanges must be registered with the Financial Supervisory Authority (FCA) and offering trading in cryptocurrency derivatives is prohibited. Traders are required to pay taxable profits on cryptocurrency trading profits. On September 7, 2021, El Saldova's Bitcoin policy went into effect, making it the first country to adopt Bitcoin as a viable option.

2. Growth of blockchain, business of bankruptcy

Blockchain and other advertising technologies have proven to be able to improve business efficiency and create new ways to generate value, and many industries and industries have adopted these technologies and integrated them into their industries and existing industries. According to data from Statista, global spending on blockchain solutions is expected to reach $ 6.6 billion by 2021. Spending on blockchain solutions is estimated to increase further over the next few years, reaching nearly $ 19 billion. by 2024.

Source Info: statista

According to the "2021 Global Blockchain Survey: A New Era of Digital Assets" survey published by Deloitte, a financial firm, 1,280 executives and experts from 10 regions of the world are leading research models on blockchain use and operations commercial. The results showed that the majority of participants (80%) said that solutions derived from blockchain, digital assets or cryptocurrencies would bring new income to their business.

In addition, in various industries, the banking industry is at the forefront of blockchain adoption, followed by communication, news and entertainment, manufacturing, health and life research, retailers. and consumers, and government. And it has been predicted that by 2024, blockchain spending in stores and consumers will increase the fastest.

Three. NFT, Cryptocurrency and Metauniverse Tracks Gold

In 2021, new models and blockchain based on market data will continue to emerge. In the word index published by the Collins Dictionary in 2021, the golden words listed by NFT, as well as word-for-word and crypto-words were also selected.

Since March 2021, NFTs have experienced explosive growth. NFT's name is Non-Fungible Token, and it is listed as Non-Fungible Token in Chinese. NFT is a blockchain data storage unit that uses image, video, audio, and other forms of digital data as inheritance and facilitates authentication and uniqueness of the treasure.

According to statistics from the NFTGO website, as of mid-December 2021, the total market value of NFTGO business has exceeded $ 10 billion. It should be noted that the NFT market is still in its infancy. While rapidly improving legal protection and the real estate industry, it faces hype and compliance issues.

Data Source: NFTGO

Crypto is a short name for cryptocurrency, and cryptocurrency is still hot this year. As of the start of 2021, the overall cryptocurrency market is still hot, most of the cap market money has risen, and the overall performance is well beyond the big market.

Among them, BNB, which was the best, was up 1,551.61% year-to-date. On October 19, the first Bitcoin-linked ETF in the United States was listed, and the ProShares Bitcoin Strategy ETF (BITO) closed the most trades on the first day of opening. high data. a

Cryptocurrencies have become an integral part of the assets of investment firms. He said he plans to increase his cryptocurrency quota next year.

Additionally, financial firm Ernst & Young has released new research that shows traditional investors are slowly becoming popular with cryptocurrencies. 31% of financial executives, 24% of other investors, and 13% of private executives said they plan to include cryptocurrencies in their portfolio within the next 1-2 years.

According to the "Collins Dictionary", the metaverse refers to a risky online virtual world known as the "future dream of the Internet world". Now people from all walks of life are walking the meta-world, tech companies using VR, AR and other tech simulation technologies to carry out the action to create a "real internet". On October 28, 2021, Facebook changed its name to "Meta" to indicate the company's commitment to focus on the company's transition to a new computing platform based on virtual reality. Tech giants like Tencent and Nvidia have also joined the trail.

Additionally, virtual gaming platforms characterized by decentralization have also exploded this year, with virtual platforms such as Decentraland and Roblox providing virtual assets to gamers via NFTs and allowing users to create virtual reality ecosystems and other supports to be developed. Meta-universe of the virtual world.

4. Over 90% of the global economy is exploring digital bank accounts.

CBDC is a digital public service supported and provided by a central bank. As cryptocurrencies have become popular, banks around the world are also willing to announce CBDCs.

The Atlantic Council's Center for Geographic Economics has announced that central bank digital currency (CBDC) tracking will provide up-to-date data on the study of the benefits of the World Central Bank (CBDC). CBDC tracker analysis. Countries (which account for over 90% of global GDP) are exploring CBDCs, and that number is only 35 as of May 2020.

Today, many countries have extended all digital advantages. On March 31, 2021, the Eastern Caribbean Central Bank (ECCB) announced the digital banking company DCash, becoming the first public financial services bank to announce the CBDC. The Caribbean, including the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada, use digital money.

Nigeria launched e-Naira on October 25, 2021, making it the first country outside the Caribbean to launch CBDCs. Additionally, among the world's four largest banks (Federal Reserve, European Central Bank, Bank of Japan, and Bank of England), the Federal Reserve is the only mid-sized bank that has not promised to use the currency. digital. test project. Currently, 14 countries including China and Korea are testing CBDC projects and preparing for full deployment.

Lub Npe: Atlantic Council Research, Bank for International Settlements, International Monetary Fund, John Kiff database

(2) Home thinking: The blockchain industry is constantly evolving, and the digital RMB has achieved remarkable results.

1. Support the development of blockchain technology, virtualization of the virtual industry and the "mining industry".

Since 2019, the development of blockchain technology has become a national concept. President Xi Jinping said "blockchain should be used as the key to the independence of information technology" at the 18th meeting of the Central Politburo Research Group. There are many important technologies that need to be overcome and accelerated. Blockchain Technology and Industry Innovation and Development ".

For a long time, central and local governments have introduced a variety of advocacy and regulatory policies to help improve blockchain technology. In March 2021, blockchain was developed in the "14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and Long-Term Strategy for 2035", planning to create new results. Understand digital marketing and become an advocate for digital business. Support innovation in blockchain technology, improve blockchain service platforms and applications in financial industry, chain management and government services, with an emphasis on collaboration, and improve management procedures.

In June, the Ministry of Industry and Information Technology and the Chinese Cyberspace Bureau jointly issued "Guidelines for the Rapid Exploitation of Blockchain Technology and Industry," indicating that it will focus on chain management and product traceability. , promotes the integration of blockchain applications into file sharing and other real world applications. Promote the digital transformation of industry and improvement of the economy. Facilitate the use of blockchain technology in government services, evidence collection, smart cities and other public services, and promote transparency, fairness and accuracy in public service.

As of the start of this year, the rules to support innovation in blockchain technology in the application sector while interfering with cryptocurrencies have also been stable. Virtual money can easily be used for money laundering and other crimes, and due to the lack of exchange rates, they can lead to increased financial and economic inequalities.

In September of this year, the Social Security Administration issued a “Special Risk Report on Terrorism Prevention and Control” to clearly indicate the status of virtual and virtual values ​​related to activities and specify actions. Improve procedures to manage the risk of virtual currency hype and monitor potentially dangerous market hype.

On September 22, 2020, President Xi Jinping announced at the United Nations General Forum that China's carbon dioxide emissions will reach an all-time high by 2030 and that efforts will be made to reduce carbon emissions from China. here 2060. Cryptocurrency mining, high energy, high energy consumption, was strictly regulated in states and cities under the two carbon targets.

In early March of this year, the Inner Mongolia Development and Reform Commission announced a consolidation agreement and called for the cryptocurrency mining project to be completed and closed. Since then, Xinjiang, Qinghai, Sichuan, Yunnan and other provinces have been carrying out "clean-up" activities.

On September 24, the National Development and Reform Commission and 11 other agencies jointly issued a "virtual legal opinion" on "mining operations" to improve "mining" of virtual currency. , and later Jiangsu, Zhejiang, Fujian and Jiangxi. province., Hainan province also started. Do it.

2. The number of companies registered in the blockchain continues to increase and the industry is trying to enter the "stable period of ups and downs".

Regarding the number of blockchain registrars, it is still increasing this year. According to data from the National Internet Emergency Response Center 'Blockchain Home' website, since the end of December 2021, more than 93,600 blockchain-related companies in the country have registered. In terms of product distribution area, the speed of blockchain-related industries in coastal areas, inland regions of Sichuan, Chongqing, Jiangxi and Hainan is high, of which Guangdong has about 37.23%, this which makes it the most populated area. in the countryside.

In terms of market share, uses and solutions represent 36.4% and 29.8%, with construction (12.24%), public services (11.90%) and lower docks (9.56% ). full business card.

Data source: blockchain house

Gartner, a leading IT services company, released the “2021 China ICT Technology Maturity Curve Report” to assess emerging technologies or high demand in China, starting with the development of blockchain technology. With the development of China's ICT technology in 2021, the whole of China's blockchain technology is on the verge of completing the process of transition from "bubble dip" to "stable increase in time" , go back and go to the next level. It is a period of growth that needs to be adjusted, which is mature and applicable in a variety of scenarios.

Data Source: Gartner "China ICT Technology Maturity Curve Report 2021"

From the perspective of the blockchain industry, asset and utility management is also essential to the functioning of the blockchain industry. Blockchain also has significant demand events in some new cases. In the use of data sharing and privacy, the use of large-scale data in the digital industry requires tight integration of blockchain and various information security technologies.

Additionally, new media such as NFT and Metaverse have also gained momentum this year, with tech companies and other startups investigating emergencies.

Three. The digital renminbi has exploded and three major challenges must be overcome.

The digital renminbi is a digital form of fiat currency issued by the People's Bank of China, which aims to create a new digital form of the renminbi with the aim of meeting expectations. and stability in the company. Fast payment store market, efficient and continuous innovation., Open and competitive financial infrastructure, promote the development of China's digital economy, improve the level of development. improve finances and improve performance of benefits and payments.

In 2014, the bank set up a digital currency legalization research team and began to specialize in the area of ​​advertising process, key technologies, advertising and travel, and other international experiences. . At the end of 2017, the Financial Institutions of China, approved by the State Board of Trustees, set up a joint venture to become a legal entity (e-CNY) for research and development.

Now, research and development experiments have started to complete the design, research and development, debugging and other activities. As the "4 in 1" closed pilots were launched in Shenzhen, Suzhou, Xiong'an New District, Chengdu and the future winter Olympic stage in October 2020, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian, hence the "" 10 in 1 "pilot layout. To train.

At the same time, the region, including Guangzhou, Zhejiang, Tianjin, Fujian, Jinan and Hubei, which does not include the temporary test area, also includes the "digital RMB pilot project upgrade" in the "14th plan five-year. Plan a financial plan or other information policy.

The Hong Kong Fintech Week 2021 conference was held on November 3, 2021. The Real Chinese RMB by Mu Changchun, Director of the Digital Currency Research Institute of the Human Financial Institution of China at the "Retail CBDC" panel discussion : A Leson from the Fast Movers & the Road Ahead "Introduction improving the number. According to Mu Changchun, as of October 22, 2021, yuan revenue has reached 62 billion yuan, including 140 million renminbi personal digital wallets and 10 million public wallets.

In addition, over 1.55 million traders have supported the RMB digital wallet, and a total of over 150 million enterprises are affected by public access to electricity, catering services, transportation, retail and government services.

In this meeting, Mu Changchun spoke about three key challenges for the digital diffusion of the renminbi. First, configure the terminal. At present, the digital yuan pilot project is working well, but the construction of the environmentally friendly system is still in progress.

Second, improve safety and risk management. Throughout the life cycle of the renminbi, we always strive to ensure the security of the operating system, including cryptographic processes, secure financial information, data security and continuous operation, to ensure the safety and security.

Third, there is a need to clarify the rule of law. The “Law of the People's Republic of China of the People's Bank of China (Draft Comment Amendment Request)” includes both cash and digital renminbi. The digital yuan needs to review existing laws and regulations to establish regulatory and regulatory frameworks to support them.