[Blockchain Hot Issue] DeFi·CBDC, Key to Leading Digital Financial Innovation

Song In-gyu, an adjunct professor at the Graduate School of Technology Management at Korea University, is presenting at the '2021 Blockchain and Virtual Asset Daejeon Network' webinar held by Digital Today on the 3rd.
Song In-gyu, an adjunct professor at Korea University’s Graduate School of Technology Management, is presenting at a webinar held by Digital Today on the 3rd of the ‘2021 Blockchain and Virtual Asset Daejeon Network’ webinar.

[Digital Today Reporter Choo Hyun-woo] Digital Today held a webinar for ‘2021 Blockchain and Virtual Assets Network’ on the 3rd and shared the points of spectating experts suggest about DeFi and CBDC.

Song In-gyu, an adjunct professor at the Graduate School of Technology Management at Korea University, presented the possibility of fusion of DeFi and digital currency (CBDC). As central banks and private banks share roles to form a financial system, they argued that CBDC and DeFi can coexist and develop in the digital financial era.

Joonghyuk Jang, director of Atomix Lab, presented the theme of’Ethereum evolving into digital assets, core values ​​and points to watch in the future’. Director Jang cited three conditions that the mainstream asset platform must have: a highly reliable jurisdiction, functions for assets (creating/transaction), and abundant liquidity.

Lambda 256 Director Park Kwang-se presented the latest DeFi trends under the theme of’DeFi Sustainability and the Present and Future of Digital Asset Finance’. Director Park believes that various issues appearing in the existing financial sector, such as the recent surge in the game stop stock price, are acting as an opportunity to raise the attention of the blockchain and virtual real estate market.

Following the presentation of the topic, a discussion meeting was held in which the presenters participated as a panel. On the topic of the possibility of innovation in the financial market driven by CBDC and Defy, Lee Jun-haeng, CEO of GoPax, a virtual asset exchange, participated as a panel with panel presenters to discuss the latest investment trends.

The webinar for the ‘2021 Blockchain and Virtual Assets Network’ can revisit the entire lecture and discussion through the Digital Today YouTube channel.

Elon Musk is said to be a CEO who actively communicates with him through Twitter on major issues. The problem is that it is affecting the market by mentioning the market of virtual assets such as Bitcoin and Dodge Coin, including the short sale of GameStop.

Elon Musk posted a tweet on the afternoon of the 29th, tagging his Twitter profile with the hashtag #bitcoin and saying “In retrospect, it was inevitable.” Bitcoin, which remained at the $32,000 level immediately afterwards, rose vertically to $38092. It was up 18.5% in half a day.

Market analysts are concerned about Elon Musk’s move. It explains that it is by no means a desirable phenomenon that the market is affected by an individual’s unclear intention. In fact, afterwards, Elon Musk entered self-sufficiency mode, saying that he would refrain from Twitter.

Thanks to the influence of Elon Musk, the virtual asset market turned to a rapid rise last week. Bitcoin recovered to the $37,000 level, and Ethereum rose to the $1600 level. In a recent market report, Bloomberg said in a market report that bitcoin has an asset value similar to Gold, and predicted that it could rise to $50,000 in the near future.

In addition, it is reported that the interest of individual investors in the United States is shifting from the stock market to the virtual asset market after the short sale of GameStop, the American version of the’ant rebellion’. It is reported that the millennial generation recognizes the need for decentralization and is showing high interest in investing in virtual assets such as bitcoin.

Gamestop [Photo: Shutterstock]
Gamestop [Photo: Shutterstock]

With the rising trend in the virtual asset market, the value of Upbit, which is called Korea’s representative virtual asset exchange, is rising. Following the recent transaction volume exceeding 6 trillion won, investment in securities companies has also progressed. Hanwha Investment & Securities explained, “To respond to the growth trend of fintech, we have collaborated with Dunamu, which possesses innovative financial service technology.”

Along with the virtual asset investment market, digital currency-related movements are continuing. It is known that Visa and Swift have made significant progress in securing virtual asset transfer and trading systems. In particular, Swift seems to share profits with China’s digital yuan expansion.

On the other hand, IBM’s blockchain business, which was attracting attention in the B2B sector, has significantly reduced. It is news that a major restructuring is underway due to poor performance. There is also a possibility that the direction of the hyperledger blockchain promoted by IBM will be somewhat unclear.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.