[Global Crypto Assets & Finance Conference 2021] “The Merging of Banking and Securities Industry”_Gu yan xi, Founder of Liyan Consulting

  • Global Crypto Assets & Finance Conference 2021
  • Host: Delio, Korea Crypto Finance Association (KCFA)
  • Date: January 27th — January 29th, 14:00–16:10
  • Website: https://conf.delio.io

Session 3: Crypto Asset related Systems and Regulations

▣ The Merging of Banking and Securities Industry_Gu yan xi, Founder of Liyan Consulting

Mr. Gu yan xi began by stating that blockchain is bringing a lot of changes to the industry especially the financial industry. Firstly, he shared that the current banking industry is based on a centralized computing paradigm. He continued to say that this also applied to the current securities industry. He emphasized the importance of data consistency when organizations worked together on this computing paradigm.

Future Crypto Financial Ecosystem

He then spoke about how the future crypto-financial ecosystem will be based on distributed ledger technology. He said that this means that all organizations will perform all activities on the same infrastructure and that there will be only one copy of data. He continued to explain that a single organization does not own the data. He then shared that the crypto-financial ecosystem will be able to perform all financial services that include executing monetary policy, absorbing deposits, providing loans, supporting payments, and trading digital assets. He concluded by stating that there will be no clear distinction between the banking and security industry.

He also shared a few challenges for existing organizations. He said that they will face stronger competition and will need to make changes to adapt to the new environment. He announced that each company will have to select different strategies to continue to be successful.

Who Will Be the Winners in this New Ecosystem?

First, he shared three basic requirements that must be met. The requirements were that it must be based on DLT, supported by stablecoins based on major fiats as well as membership type organization. He claimed that some organizations will find it difficult to make a transition as the new ecosystem will be based on a completely new paradigm. He felt that the companies could lose their existing advantages and so they will be hesitant. Ultimately, he shared that those who will have the least to lose and most to gain will be able to make this transition to possibly become the future winners.

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