Shanghai Data Exchange Initiates First Digital Asset Issuance and Trading

February 23, 2024

By Sharan Kaur Phillora

The Shanghai Data Exchange has successfully conducted its first digital asset issuance and trading session. In collaboration with the renowned local dairy company Guangming, the exchange issued a unique tradable digital asset titled “Longyao Chasing Light, Yiding Guangming,” with a total issuance of 999 units.

Here’s what we know:

This event signifies a significant milestone for the Shanghai Digital Exchange, demonstrating its compliance with the regulatory framework outlined in the “Action Plan for Promoting Innovation and Development of the Data Element Industry Based on the New Track of the Digital Economy (2023-2025).”

This strategic initiative is part of China’s broader efforts to harness the potential of digital assets and data as pivotal elements of the new digital economy. The action plan, supported by 17 government departments including the National Data Administration (NDA), aims to foster innovation and development within the data element industry, highlighting the integration of digital asset circulation into the real economy as a key objective.

The plan’s ambitious goals include accelerating data ecosystem construction, promoting advanced data applications across diverse sectors, and enhancing data supply quality. Additionally, it emphasizes the importance of creating a robust data circulation environment and implementing stringent data security measures.

China’s endeavor to create a “Digital China” envisions a society and economy deeply intertwined with digital technologies, aiming to optimize resource allocation and spur the emergence of new industries. Despite its complex stance on cryptocurrencies, with a ban on trading and mining since 2021, the digital economy continues to thrive in China.

The country’s digital economy ranks as the second largest globally, contributing significantly to its GDP. The successful digital asset issuance by the Shanghai Data Exchange, in collaboration with Guangming, marks a pivotal step in China’s journey towards integrating digital assets into its economic fabric, aligning with its vision of fostering a vibrant digital economy and society.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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