,
9 tweets,
5 min read
Read on Twitter
(1) $TOMO was invited to participate in a private roundtable Symposium in Shanghai last week organized by $NEO w/a C-Suite of executives from the who's who of China crypto: @OntologyNetwork @ConfluxChain @PlatON_Network @Bytom_Official @vechainofficial @NEO_Blockchain 
(2) $TOMO was the only non-China representative invited to present an outsider's perspective of China developments and to speak to the SEA region. Topics covered over the 5 hours included (a) current Blockchain developments (b) achieving adoption (c) regulation
(3) China is taking a top down approach to regulation, supporting Blockchain development as priority mandated by China Ministry of Industry and Information Technology. As such, the utilization of Blockchain across Industries has support from the largest companies in the country
(4) China intends to use Blockchain to provide a secure & transparent view into its economy. This is evident by @WXblockchain / @PlatON_Network's planned smart city, Healthcare data storage by @Baidu_Inc & China Telecom's Blockchain-enabled 5G Sims for digital ID / data ownership
(5) The country's Blockchain legal policy is well defined and has "clarity," as stated by $NEO founder, @dahongfei. Regulation was formed in consensus across its regulatory bodies. This approach appears to be the same one being taken by the majority of other Asian countries
(6) China's approach to regulation is in stark contrast to the approach in the U.S., where the SEC, CFTC, FINCen & IRS view crypto from different lenses. This uncertainty is playing out in the market as crypto exchanges restrict the U.S. to tokens not deemed potential securities
(7) China's Blockchain infrastructure development is reminscent of god-like city simulator, SimCity. Smartcity logistics would have access to power sourcing & utilization, driverless car synchronization, optimizing emergency services, garbage pickup schedules & more. Transparency
(8) China's Blockchain vision coincides with the country's push towards a cashless economy. While there I was unable to pay for goods & services at certain physical stores due to the reliance on digital payment via Alipay and WeChat Pay. No cash, no credit cards.
(9) With new facial recognition tech in use, wallets & QR Codes will no longer be needed. What that means w.r.t. financial inclusion for foreigners is anyone's guess. But secured & controlled digital D information is paramount to China, and blockchain is core to that future.
