VeChain Weekly Update 1/19/2019 (Translated)

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This weekly update is provided by the VeChain Foundation in Chinese. Translations are paraphrased to allow for ease of understanding.

January 14th – VET launched an official account on Bihu, a social media platform in China dedicated to digital currencies.

About Bihu:

Bihu is a community platform for blockchain related projects that incentivizes content creators directly through the platform. It claims to be the largest content platform in China, and the information distribution center for block chain knowledge.

January 14th – VET/XRP trading pair launched on Bitrue.

January 17th – CEO Sunny LU sat down with Token Gazer for an AMA. A summary of the AMA is available here. The full transcript in Chinese is available here.

January 18th – VeChain was recognized as the project with “The Most Commercial Application and Value Award for 2018” in an event hosted by Golden Finance.

January 18th – VeChain released two exciting developer tools. For more information on these, check out the Medium post.

Other Announcements:

January 21 will see VeChain appearing at two large events.

Binance Week will be hosted in Singapore, and will feature key speakers including VeChain Singapore General Manager Sarah Nabaa. Around 2,000 participants, 200 investors, and more than 50 speakers will attend the conference. At the 4-day event there will be government representatives, industry leaders, academic experts and technical elites from all over the world.

Geneva Annual Blockchain Congress: From lab to market

21 January 2019, Palexpo – Geneva

Coordinated by Le Temps and organised into four clusters – Governance, FinTech, Education and Commodity Trading –, this day-long event will enable major personalities to address fundamental questions, provide the political world with a platform for expression, and offer a view into the current practical applications through dynamic workshops. Intentionally scheduled the day before the opening of the World Economic Forum Annual Meeting in Davos-Klosters, the Geneva Annual Blockchain Congress will benefit from special media attention. Jerome Grilleres, VeChain European Region General Manager, will be speaking at the event.
Source: https://www.genevablockchaincongress.com/en/programme-gabc/

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Cyberspace Administration of China Announces Blockchain Regulations

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The office tasked with censoring and overseeing the internet made one of their first announcements of 2019 on Thursday, releasing “blockchain information service regulations” on their website.

The regulations were an important indication of where China’s highest internet administration bureau stood on the development of blockchain. Throughout the release, they noted the opportunities and benefits blockchain can bring to the country and society, while also highlighting the risks.

The new regulations require blockchain service providers to register their service with the Cyberspace Administration. This should be a familiar process for anyone in the industry, because it’s a necessary step to creating a website. Similarly, it requires blockchain service providers obtain the identities of those using the service (KYC), and ensure that the services aren’t in violation of the law. Lastly, it establishes the Cyberspace Administration as an overseeing body in the industry, capable of handing down punishment to service providers in violation of these regulations.

Analysis

While all this could be considered usual government rhetoric, it does instill optimism that bans and over-regulation are a thing of the past. By establishing this core regulatory framework, blockchain will have a legal method to pursue development within the country. Additionally, the positive language mentioning it as an emerging technology that could “benefit the development of the country” is especially noteworthy, as Xi Jinping has put the emphasis on continued growth, development, and economic improvements in his most recent speech 10 days ago.

For my thoughts on 2018 regulations in China, check out this review.

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