Report on BG2C FIN/SUM BB
On August 24th and 25th, the Fintech Summit “BG2C, FIN/SUM BB” sponsored by Nihon Keizai Shimbun and the Financial Services Agency was held at Muromachi Mitsui Hall & Conference in Nihonbashi, Tokyo, and CTIA’s CEO Mr. Mitsuru Tezuka was one of the presenters making an online presentation at the event.
As Deputy Prime Minister and Minister of Finance, Taro Aso greeted attendees
At the opening ceremony of this event, Deputy Prime Minister and Finance Minister Mr. Taro Aso offered comments, saying, “Blockchain is not limited to the field of digital assets, but it is a technology that holds the key in many fields such as digital ID, eKYC, and trade finance.”
With the theme “For healthy development of blockchain and creation of new business”, various experts such as global engineers, researchers, business representatives, and regulators involved in blockchain projects gathered together. A wide range of discussions were held on international rules and problem-solving with a view to implementing the technology in society.
CTIA proposes potential blockchain for digital assets
CTIA’s CEO Mr. Mitsuru Tezuka made an online presentation at 12:15 on the 24th (Monday) at Hall B, the main venue, with the theme of “the potential of blockchain technology from startup companies”.
He talked about the future of a payment hub technology blockchain, which is the foundation of microlending* mainly in developed and developing countries.
At present, Japan is an advanced nation, and although it has a strong economic standing due to technological innovation and high financial per capita, it is facing challenges such as economic decline due to a dropping birthrate and aging population; delay in globalization; and future economic growth. On the other hand, the problems in developing countries– terrorism, high crime rates, lack of funds, and low living standards–are also inevitable international issues.
Blockchain is the most suitable technology for microlending* to resolve such financial imbalances, and digital assets recorded and certified by blockchain can be derived from real estate, stocks, crops and even individual skills. Blockchain has the potential to create, support and manage collateral for societies.
With the vision of “Fair Investment for Everyone,” CTIA is currently conducting research, analysis, and development of solutions so that cutting-edge technologies such as blockchain can be applied to any industry.
Tezuka suggested that the future will be a more secure and fair value-sharing one for a global population of about 7.7 billion people by utilizing a wide range of knowledge such as crop supply chain and ESG investment related to SDGs and energy microgrids.
*Microlending…small loan. Providing small loans to poor people and women who have limited or no access to large loans in developing countries.
Sessions with 140 guest speakers, more than 3000 viewers
Other sessions introduced the current issues regarding legal regulations and business development related to blockchain; the international situation of CBDC (Central Bank Digital Currency); the future of digital payments and STO; new businesses and use cases in cross-industry settings; etc. The possibilities of this technology were discussed from various angles through presentations and panel discussions.
Technological innovation and regulations are common issues of any age. The current blockchain industry is making rapid progress with domestic and foreign private companies, but it is clear that governmental laws and regulations are slow to adapt and the hurdles to new business creation are high. On the other hand, regulators believe securing a safe and stable environment for the use of blockchain-based financial systems, which are expanding globally, is the most important issue, and it is necessary to close the gap in the speed of business and project promotion in the private sector.
Even in the sense that domestic and foreign private companies and regulators are in line, this event was an important forum for the promotion and development of the blockchain, often called the “Internet of value” This event hosted about 140 experts from various fields both online and offline over the two days, and the total number of online viewers exceeded 3,000, making it a great success.
Blockchain Global Governance Conference -BG2C-
FIN/SUM Blockchain & Business -FIN/SUM BB-
Orgnaizer：Nikkei、Financial Service Agency
Date：August 24-25, 2020
Venue：Muromachi Mitsui Hall & Conference
Address：3rd floor, COREDO Muromachi Terrace 3-2-1, Nihombashi-Muromachi, Chuo Ward, Tokyo