Wanxiang Holdings Xiao Feng: Blockchain technology will help upgrade financial market infrastructure

Xiao Feng, Vice Chairman of Wanxiang Holdings, stated at the Financial Technology Branch Council and Annual Meeting of the Shanghai University of Finance and Economics Alumni Association on April 27 that the emergence of blockchain technology is not only a technological innovation, but also a major upgrade of financial infrastructure. It will profoundly affect future financial markets and economic activities. Xiao Feng first defined several key concepts in blockchain technology, including public chains, consortium chains, and private chains, and emphasized the core role of public chains in global public ledgers. He said that blockchain technology is not just a distributed database, but a new paradigm of accounting. When discussing digital currencies, Xiao Feng emphasized the diversity of digital currencies. Regarding stablecoins, Xiao Feng believes that stablecoins play an important role in connecting the real world with the virtual world, private ledgers with public ledgers, centralized finance with decentralized finance, fiat currency with digital currency, and programmable currency with non-programmable currency. He emphasized that virtual assets have real value. Bitcoin, as a hard asset in the digital economy, has the potential to surpass traditional gold. "The reserves, production, and circulation of Bitcoin are all clear and traceable, and due to its tamper-proof nature on the blockchain, Bitcoin has more characteristics as a hard asset than gold."