Hongjin Fang:To Obtain Regulatory Permission Needs to Ensure the Authenticity of the User's Identity in Multiple Aspects

Abstract : Hongjin Fang, the founder of (Hong Kong) Digital Power Co., Ltd and the co-chairman of Hong Kong Blockchain Association, said that Hong Kong already has the application of digital certificates for offshore CNY deposits and emphasized three key points.

ChainDD
ChainDD

Dec 30

The fifth Blockchain Dialogue host by ChainDD is: In reality, is it possible to issue digital fiat currency based on public blockchain? When it comes to “How to do a ‘secondary issuance’”, “What factors are needed?” and “Post-issuance circulation problems”, Hongjin Fang, the founder of (Hong Kong) Digital Power Co., Ltd and the co-chairman of Hong Kong Blockchain Association, said that Hong Kong already has the application of digital certificates for offshore CNY deposits and emphasized the key points:

Firstly, the application must be launched with a clear legal person and responsible party, no matter a company, an individual, an alliance or an association. The application must have a clear legal undertaker rather than a community that people do not know each other. It's not feasible to govern application in the way of community.

Secondly, we must work closely with traditional financial institutions. We must deposit 1:1 money in traditional financial institutions with credit and have them check it to ensure that the users are legal.

Thirdly, we must have a real name system. The system is reflected in the real identity, enterprise or personal identity, digital wallet, bank account number.

Only when these three elements are bound together, can the application obtain the regulatory permission. Users can have a sense of security

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