The Forum for Blockchain Applications and Digital Currency Outlook and the Inauguration Ceremony of Beijing ZhongYin Law Firm Blockchain and Digital Currency Legal Research Center were successfully held in Beijing on March 29, 2021.

According to the forecast of IDC, a market research firm, China's blockchain market size is expected to exceed US$2.5 billion in 2024, with a five-year compound annual growth rate of 54.6%, ranking first in the world. In line with this forecast, the six major state-owned banks are accelerating the exploration and experimentation on statutory digital currency application scenarios. Since no complete system of laws and regulations has been formed in the field of blockchain and digital currency, the Forum for Blockchain Applications and Digital Currency Outlook is intended to, standing at the forefront of the industry, conduct cutting-edge observations and theoretical researches on blockchain, digital currency and digital assets, putting the focus on the development of blockchain applications and digital currency and combining industry practice and industry development.

This forum was co-organized by ZhongYin Law Firm and ZhongYin Blockchain and the Digital Currency Legal Research Center. Experts and scholars participating in this forum include: Mr. Wensheng HAN, Secretary of the Party Committee of the School of Juris Master in China University of Political Science and Law, Ms. Hongwei CHEN, Director of the Outreach Department of the Legal Daily, Dr. Xiaoming CHENG, Ph.D., Chinese Academy of Social Sciences, Vice Chairman of the Blockchain Specialized Committee of the China Communications Industry Association, and Dean of the School of Digital Economics of the ShenZhen Information Service Blockchain Association, Mr. Jie ZHONG, one of the main designers of the Digital Currency Electronic Payment (DCEP) system of People's Bank of China, Mr. Yongxue CHEN, Chairman of the Management Committee and Senior Partner of ZhongYin Law Firm, Mr. Xiaoyu LIU, Member of the Management Committee and Senior Partner of ZhongYin Law Firm, Mr. Tao ZHANG, Director of the International Practice Department of ZhongYin (Chengdu) Law Firm, and so on. Mr. Songzhe ZHENG, Member of the Management Committee and Senior Partner of ZhongYin Law Firm, hosted this forum.

In his opening statement, Mr. Yongxue CHEN, Chairman of the Management Committee and Senior Partner of ZhongYin Law Firm, addressed from several aspects the national strategies, industry trends, and ZhongYin’s foresight in the field of blockchain and digital currency. Mr. Yongxue CHEN indicated that ZhongYin is one of the earliest professional law firms engaging in legal services in the financial sector, and ZhongYin Blockchain and Digital Currency Legal Research Center is a bold attempt and innovation of ZhongYin and will make outstanding achievements in this new field. Then, Mr. Wensheng HAN, Secretary of the Party Committee of the School of Juris Master in China University of Political Science and Law, and Ms. Hongwei CHEN, Director of the Outreach Department of the Legal Daily, delivered speeches successively, affirming the significance of this forum and wishing the forum a success.

In the expertise sharing session, Dr. Xiaoming CHENG, Mr. Jie ZHONG, and Mr. Tao ZHANG wonderfully shared their opinions from the perspective of industry research, technological development, and judicial practice respectively, unanimously praised by the participants.

Dr. Xiaoming CHENG, Ph.D., Chinese Academy of Social Sciences, Vice Chairman of the Blockchain Specialized Committee of the China Communications Industry Association, and Dean of the School of Digital Economics of the ShenZhen Information Service Blockchain Association, shared his opinion with the theme of "Application of Blockchain in Financial Sector -- Interpretation of Token". Dr. CHENG interpreted the application of blockchain in the financial sector from many aspects such as blockchain technology, value of Bitcoin, Token value model, and token economy, and gave an overview of Asian Stock Exchange and Southwest Operation Center of Sanya International Asset Exchange, both of which are based on blockchain technology.

Mr. Jie ZHONG made a speech with the theme of "Discussion on Blockchain and Digital Currency", explained the origin, development trend and application of blockchain in simple language, and introduced the design and scenario application of statutory digital currency.

Mr. Tao ZHANG, Director of the International Practice Department of ZhongYin (Chengdu) Law Firm, made a speech with the theme of "Brief Discussion on Judicial Practice of Digital Assets" from the perspective of judicial practice. Mr. ZHANG spoke of his understanding of the application level of blockchain technology and the role of each participant, and interpreted the Announcement on Preventing the Risk associated with Financing through Token Issuance jointly issued by the People's Bank of China and other six departments. Moreover, he conducted big data analysis on multiple litigation cases concerning Bitcoin, blockchain, and digital currency, and based on the results of analysis, summarized the development trend of such cases and opinions indicated in court judgments. The last session was Q&A, during which the guests and participants communicated in warm atmosphere.

Witnessed by all participants, ZhongYin Blockchain and Digital Currency Legal Research Center was officially opened. Mr. Yongxue CHEN, Chairman of the Management Committee of ZhongYin Law Firm, appointed Dr. Xiaoming CHENG as the Senior Honorary Advisor of ZhongYin Law Firm, and Mr. Xiaoyu LIU as the Director of ZhongYin Blockchain and Digital Currency Legal Research Center, respectively; Mr. Xiaoyu LIU, Director of ZhongYin Blockchain and Digital Currency Legal Research Center, appointed Dr. Xiaoming CHENG and Mr. Jie ZHONG as the senior advisors of the Center, and Mr. Lihua DENG, Mr. Xinjian YUAN, and Mr. Tao ZHANG as the deputy directors of the Center, and delivered a closing speech. Mr. Xiaoyu LIU said he was honored to discuss and study blockchain applications and digital currency with industry experts, and to witness together the inauguration of ZhongYin Blockchain and Digital Currency Legal Research Center; the Center will, by standing at the forefront of the industry and combining industry practice and industry development, always conduct cutting-edge observations and theoretical researches on the compliance of blockchain, digital currency, and digital assets, to continuously promote the establishment and improvement of regulatory policies for this industry.

Established in December 2020, the ZhongYin Law Firm Blockchain and Digital Currency Legal Research Center puts its focuses on the application and development of blockchain technology, as well as the theory and practice of encrypted currency, statutory digital currency, and digital assets, and conducts legal researches on blockchain technology, digital currency, and digital assets. The Center, by standing at the forefront of the industry and combining industry practice and industry development, is and will conduct cutting-edge observations and theoretical researches on the laws, regulations and policies governing blockchain, digital currency, and digital assets, and will devote to promoting the establishment and improvement of regulatory policies for this industry.