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   Solana Shenzhen presses the pause button, Pan Gongsheng reiterated the regulatory red line: we Chat on the chain The key node in the development of Web3 is here! The lights of Solana’s Shenzhen event were extinguished ahead of schedule. Like a pebble thrown into the Web3 lake, the ripples were farther than expected. The Shenzhen Convention and Exhibition Center is crowded and steaming. The most exciting Hackathon Demo session of the Solana Accelerate APAC event is about to take place. However, because the number of people present far exceeded expectations and there were calls, the police came to check on the situation on a routine basis. In the end, out of primary concern for the safety of all participants, the organizers proactively pressed the pause button at 5 p.m. The news spread like electricity, jumping between various WeChat groups and social media. People are whispering: Is this a sign? Does it mean that offline gathering of Web3 will become difficult in the mainland? Is the tide about to change? Coincidentally, just one day before the event, at the annual meeting of the Financial Street Forum, Pan Gongsheng, Governor of the People's Bank of China, delivered a speech. He made it clear that the People's Bank of China will continue to work with law enforcement agencies to crack down on the operation and speculation of domestic virtual currencies in the next step to protect economic and financial order. Two things came one after another, one was an offline event that was hotly discussed in the circle, and the other was a macro policy set by high-level officials. They were like two routes that suddenly came very close to each other, which inevitably made people speculate whether there was some secret connection between them. (This article is about 2,700 words and takes 12 minutes to read) under the waterHowever, if we dive below the surface, we will find that things have different origins. The organizer of the Solana event has acted like a "compliance textbook." According to a lawyer who witnessed the event, the foundation conducted detailed communication with all guests before the event and set a clear "safe zone" for speeches: no discussion of currency prices, no prediction of regulatory trends, and no direct comparison of Chinese and foreign policies. All the spotlight should be on the themes of technology, ecology and infrastructure. They even thoughtfully prepared bilingual "safe expression" templates in Chinese and English, such as "Today we mainly focus on global technology trends and innovation exchanges" and "We respect the regulatory frameworks of various places and hope to discuss the future of blockchain from a technical and industrial perspective." This is very similar to parents who repeatedly tell their children what they can do and what they should pay attention to before taking their children out. The original intention of everything is to make the trip smooth and safe. Governor Pan's speech is not a sudden new policy, but more like a restatement and emphasis on established rules. He clearly pointed out that since 2017, the policy defense line jointly built by the People's Bank of China and relevant departments is still strong and effective. China’s regulatory boundaries have always been like a rigorous gardener. His job is not to stifle growth, but to prune the branches—carefully irrigating the roots of blockchain technology innovation while resolutely pruning away the clutter of virtual currency financial speculation. Nor is this gardener's vision limited to his own garden. Governor Pan mentioned that at the recent annual meetings of the International Monetary Fund and the World Bank held in Washington, stablecoins and their potential financial risks have become a main dish on the tables of finance ministers and central bank governors of various countries. There is a general consensus that stablecoins at this stage are still like a dam that is not strong enough in terms of customer identification, anti-money laundering and other financial infrastructure, lurking the risk of amplifying global regulatory loopholes. parallel universeWhile gardeners in the East are pruning carefully, a different scene is unfolding in dense jungles around the world. Market analysts remain optimistic about the future of Bitcoin, predicting that its price may touch a high of $120,000 to $140,000 before the end of the year. The annual transaction volume of stablecoins has soared to US$46 trillion, which is three times the transaction volume of global payment giant Visa. This is like a parallel universe, with serious and prudent rule-making on one side and wildly growing market forces on the other. More subtle fissions are occurring within global markets. In emerging markets like Argentina, the use of cryptocurrency wallets has increased 16 times in three years. People regard it as a lifeboat to resist the inflationary storm and a payment bridge across national borders, which is related to daily daily necessities. In developed markets such as South Korea and Australia, more attention is directed to Meme Coin, a violently volatile encrypted asset based on Internet memes. It is more speculative and resembles an exciting video game for adults. Looking back at the Shenzhen event that ended early, it was more like an unexpectedly triggered “fire drill” than a shift in regulatory policy. From a professional perspective, Solana's compliance operations actually provide a valuable "safety code" for the entire industry. Some lawyers have refined it into five key boundaries: No arbitrary interpretation or prediction of policies. ； Don’t talk about currency prices and investment returns ； Only focus on technology, ecology and infrastructure itself ； Always maintain a neutral and cooperative attitude ； And, complete advance filing and emergency response mechanisms. These rules and regulations may seem cumbersome at first, but they are the "survival wisdom" for the industry to grow healthily on this land. It's like when we drive on the road, traffic rules restrict our freedom of movement, but ensure the overall safety of everyone. So, where does Web3 go in China? A lawyer who participated in Solana’s Shanghai activities has a clear view: “The real forbidden area is not the blockchain technology itself, but the ‘financialization of tokens’ and those ‘flaunting and fraud under the banner of blockchain’. ”He made an analogy: Technology itself is like a sharp kitchen knife. In the hands of a chef, it can make delicious food, but it must not be used as a weapon to hurt people. Knowing how to cook with peace of mind in a technical kitchen instead of wielding swords and guns is the basic accomplishment of working in Web3 here. In fact, blockchain technology itself is still encouraged and expected in China. The episode of Solana’s Shenzhen event and President Pan Gongsheng’s macro-setting of the tone may seem like two unrelated clues, but they ultimately point to the same truth: the real future of blockchain is rooted in solid technical soil and broad application scenarios, rather than noisy hype and speculative bubbles. The global cryptocurrency market is still in its adolescence - full of energy, mood swings, full of longing for the future but inevitably reckless. Looking back at the plunge in early October that wiped out more than $20 billion in market value, the market was in mourning, but the core mechanism of decentralized finance (DeFi) showed surprising resilience. The smart contract is like a preset program, calmly executing the liquidation, and the entire system does not suffer a serious collapse. This is like a stress test, proving that this young life is learning to be steady through stumbles. For people who are truly involved in this, clear boundaries are never an obstacle to progress, but a reliable signpost. It tells us where the solid land is and where the dangerous swamps are. When the tide of hype surges, it’s hard to see the real story ； Only when the tide recedes will the reef of technological innovation reveal its immortal value. outlines of the futureIf we lengthen the lens of observation and look at the process from the Industrial Revolution, the Electric Power Revolution to the Information Internet, any disruptive technology will inevitably go through an "adjustment period" in the early stages of integration into society where norms and innovations test, collide and run-in with each other. This is almost an ironclad historical law. The current regulatory measures are not to nip technology in the cradle, but to build channels for this huge, yet seemingly disordered, innovative energy and guide it to irrigate the real economy instead of breaking down the dams. Based on this, we can try to outline several more certain future trajectories:
Just like Solana's trip to Greater China, although there were some hiccups, it was finally concluded as a "successful ending" and promised that "in the future, we will continue to promote the development of the Chinese ecosystem and the popularization of technology." This in itself is a positive sign. It tells us that the pace of innovation never stops because of boundaries. It will only find a more solid and sustainable direction after understanding the boundaries. This just proves: blocking is worse than sparing, and only by combining sparing and diversion can great governance be achieved. After understanding the origin of the rules, create a path called "the avenue" within the boundaries. END [Search and follow] There must be a dedicated website address: bityou.app |
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