How to realize enterprise chain reform? What is the function of chain reform?

Broadly speaking, monetary reform refers to the transformation of business model, that is, enterprises issue vouchers to enable users to obtain the use, payment or income of products or services in some specific business application scenarios, that is, to combine the traditional economic model with the voucher economy. Generally speaking, the general voucher attributes involved in currency reform can be roughly divided into three categories:

Second, what is chain reform?

According to the development degree of the existing blockchain technology, the technical part of the business system is transformed by using some technical principles and mechanisms in the blockchain, thus creating a more efficient or credible business system, and even redistributing the interests of shareholders, employees and customers in the business system by using various points and tokens issued on the blockchain, indirectly improving the production relations behind the business system.

Currency reform and chain reform, as hot topics in the industry recently, have received comprehensive attention. What is the real significance of currency reform and chain reform, whether it is gimmicks or innovations? This paper will discuss and analyze it in combination with social and legal background.

1. What is monetary reform?

Broadly speaking, monetary reform refers to the transformation of business model, that is, enterprises issue vouchers to enable users to obtain the use, payment or income of products or services in some specific business application scenarios, that is, to combine the traditional economic model with the voucher economy. Generally speaking, the general voucher attributes involved in currency reform can be roughly divided into three categories:

The attribute of debt, that is, the promise to return the principal and pay interest. This kind of virtual token is issued by absorbing public deposits to achieve the purpose of financing. According to the relevant provisions of People's Republic of China (PRC) Commercial Bank Law, no unit or individual may engage in the business of absorbing public deposits without the approval of the State Council Banking Regulatory Authority. Therefore, in our country, it is suspected to violate the existing laws of our country to issue the general certificate of debt attributes without obtaining the business license issued by the the State Council Banking Regulatory Authority.

The bond attribute, that is, the virtual token represents the certificate of the relationship between creditor's rights and debts, that is, the issuer of the token forms a fund lending relationship with the investor, and the investor becomes a creditor, and the issuer promises to return the corresponding principal and interest within a certain period of time. The difference between bond property currency reform and debt property currency reform is that the bond property currency reform has a clear payback period, while the debt service time of debt property currency reform depends on the project situation. According to the relevant provisions of the Regulations on the Administration of Corporate Bonds, the issuance of corporate bonds must be approved by the branches of the People's Bank of China in provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning in conjunction with the planning authorities at the same level. The corresponding issuance of corporate bonds should be underwritten by securities institutions, and the transfer of corporate bonds must also be carried out in places where bond transactions can be approved. Therefore, in China, the monetary reform of bond assets violates the regulatory requirements of China law.

Equity attribute, that is, virtual tokens represent investors' ownership certificates of enterprises. Token holders need to bear corresponding responsibilities and risks to obtain corresponding rights and interests by virtue of the tokens they hold. In accordance with the relevant provisions of the Measures for the Administration of Initial Public Offering and Listing, an application document shall be made in accordance with the requirements of the China Securities Regulatory Commission, which shall be sponsored by the sponsor and reported to the China Securities Regulatory Commission. In China, issuing stocks without the approval of the CSRC can be punished with fixed-term imprisonment of not more than five years or criminal detention according to the provisions of Article 179 of the Criminal Law.

Regarding the regulatory environment in China, on September 4, 2007, seven ministries and commissions, including the Central Bank, issued the Announcement on Preventing the Financing Risks of Token Issuance, explicitly prohibiting any organization or individual from illegally engaging in the financing activities of token issuance. Therefore, if the "currency reform" mode still raises funds by issuing tokens, it is explicitly prohibited by our policy; Those who engage in related activities abroad in the form of overseas entities must still comply with the restrictions on the nature of tokens in overseas laws.

Second, what is chain reform?

According to the development degree of the existing blockchain technology, the technical part of the business system is transformed by using some technical principles and mechanisms in the blockchain, thus creating a more efficient or credible business system, and even redistributing the interests of shareholders, employees and customers in the business system by using various points and tokens issued on the blockchain, indirectly improving the production relations behind the business system.

China government departments have a positive attitude towards the development of blockchain technology. Blockchain encouragement policies have been introduced throughout the country to support the landing of blockchain projects. In the chain reform, whether it is the entanglement of assets or the introduction of general certificate economy, it must be based on the necessity of combining blockchain with traditional economy and meet the requirements of the policy.

Third, the value of monetary reform and chain reform.

From the above analysis, it is not difficult to see that the current discussion on currency reform and chain reform still stays at the combination level of traditional economy and blockchain economy. In addition to achieving technical compliance, it is necessary to break through some existing development bottlenecks:

First, from the perspective of China's legal compliance, the general card economy should break through the early token financing model, truly give the general card use value, clarify the attributes and use methods of the general card, and avoid conflicts with the existing regulatory framework.

The second is to introduce industry standards at the national level to promote the integration of traditional economy and blockchain technology, such as asset entanglement and data credibility.

Third, the driving force of the existing blockchain industry is mostly the spontaneous formation of the "market", which urgently needs industrial exploration led and presided over by the government. In this sense, the power of the "market" needs more positive guidance to produce results after bold attempts or trial and error.

Whether it is currency reform or chain reform, it is ultimately a change from traditional thinking to blockchain thinking. By using a set of mechanisms including blockchain technology and blockchain economics, a new set of business logic and scenarios is formed, which is ultimately driven by the government and the market. Quickly generate value.