Victor Canghai Ji

The summer of 2020 witnessed the mania of Decentralized Finance (DeFi) which swept the crypto world with its market value once exceeding US$1 bn and hundreds of billions of digital assets involved in the financial services provided by DeFi products.

Today, the relationship between China and the United States is one of escalating competition. On Oct. 23, 2019, Facebook CEO Mark Zuckerberg testified before the U.S. House Financial Services Committee on Libra. Zuckerberg and members of Congress had much to disagree on. One consensus that did emerge, however, was concern regarding China’s digital currency project. Zuckerberg noted: “While we debate these issues, the rest of the world isn’t waiting.

Introduction With the closing of China’s National People’s Congress and the National People’s Congress in Beijing last weekend, one political proposal sponsored by Nanpeng (Neil) Shen, member of the National Committee of the Chinese People’s Political Consultative Conference and founding partner of Sequoia Capital, has caused heated discussions in China’s blockchain industry.