【Opening Strike: The Dual-City 'Chain' Alliance, the Battle for Rule-Making Authority Begins】
Just this morning, the central bank announced the official establishment of the Digital Renminbi International Operations Center in Shanghai, simultaneously breaking the ice for blockchain letters of credit and trade financing pilot programs.
This operation has ignited the narrative of Shanghai-Hong Kong cooperation in Web3. The two 'brothers' of Shanghai and Hong Kong are finally no longer holding back—driven by dual cores of technology and policy, they are clearly aiming to seize the table for global asset on-chain and cross-border payments!
【Core Logic: Mutual Recognition of Technology + Regulatory Sandbox, Giving Chinese Projects a 'Green Light' to Go Global】
According to the Shanghai-Hong Kong Web 3.0 Innovation Summit at the end of April
The two regions have already set up a 'Digital Reception Room', achieving three major breakthroughs:
Cross-Border Payments 'Cutting Out Middlemen': Using central bank digital currency (CBDC) and offshore RMB stablecoins to directly facilitate fund flows, cutting costs by half and achieving instant settlement. The Hong Kong RWA compliance framework issues 'passports' for Chinese projects, with on-chain financing no longer constrained.
Supply Chain 'On-Chain Anti-Counterfeiting': Conflux and TradeGo have joined forces to put electronic bills of lading and letters of credit for bulk trade on the public chain, recognized by the International Association of Marine Insurers. This move directly undermines the traditional SWIFT system, with Middle Eastern oil traders and
African miners are probably holding an overnight meeting.
Regulatory 'Open Book Exam': Mutual recognition of regulatory sandboxes between Shanghai and Hong Kong, allowing project parties to test while obtaining licenses. Compliant public chains like HashKey Chain have already proven that as long as you play by the rules, the liquidity of RWA assets can double immediately.
Data Speaks: The offshore RMB stablecoin market is expected to exceed $240 billion this year, while the RWA sector is gearing up to surge from $30 billion to $16 trillion. This is not just a trend, it's a tornado!
【Conflict Points: Zero-Knowledge Proof VS Regulatory Transparency, Real-Time Confrontation between Technologists and Compliance Advocates】
That summit in April almost turned into a shouting match: Hong Kong compliance experts stubbornly tackled the KYC process for RWA, while Shanghai geeks presented a zero-knowledge proof (ZKP) scheme—wanting both data privacy and regulatory traceability. How was it finally resolved?
'On-Chain Behavior Labeling': Sensitive data is encrypted with ZKP, but transaction characteristic labels are open to regulatory nodes.
This move is quite ruthless, preserving the 'decentralization' reputation of DeFi while allowing institutions like the SEC to track risks in real time. No wonder Ant Group dares to claim: In the next three years, all physical assets like photovoltaics and charging piles must be RWA-ified, with liquidity release starting at least 10 times!
【Case Studies: Don't Just Brag, See the Practical Applications】
Conflux's 'Belt and Road' Ambition: Partnering with AnchorX and TradeGo, using AxCNH stablecoins for settlements in Central Asian oil trade, directly bypassing the US dollar system. Kazakhstan's regulators have already stamped approval, with the next target aimed at Southeast Asia?
Ant Group's 'Green RWA': Tokenizing the electricity generation of new energy power stations, with overseas institutions subscribing directly using USDT, offering a stable annualized return of 6%. This approach is much more reliable than those local projects before the UST collapse.
Hong Kong's Shared Bicycles 'On-Chain': LocoBike has started accepting cryptocurrency payments, and the next step is to tokenize carbon assets.
Just asking: Is mining while biking appealing?
【Throwing Hooks: Countdown to Policy Dividends, These Targets Must Be Closely Watched】
The Digital Renminbi International Operations Center, just officially announced today, clearly emphasizes the importance of Shanghai-Hong Kong cooperation. It will closely monitor two key matters:
Binance News: Rumors suggest that its RWA sector is about to launch an asset pool anchored to offshore RMB, comparable to AxCNH. If confirmed, tokens like CFX and ACH in this ecosystem will definitely soar.
Compliance Licenses: Accelerated approval for Hong Kong's Type 1 License (Securities Trading) and Type 7 License (Automated Trading), HashKey Exchange has obtained them, and the next could be OKX.
#Web3
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