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    Half Tones

    Scholar Calls for Calm After Blockchain Hype Rattles Markets

    Nov 06, 2019

    A faculty member at one of China’s most prestigious universities has a message for impulsive investors: R-E-L-A-X.

    “Whether on Wall Street or in China, some financial innovations try to avoid scrutiny ... but this only increases systematic risks and leads to a small number of people getting rich overnight,” Huang Zhangkai, an associate professor of finance at Tsinghua University, said Wednesday at the Singapore-China Forum in Shanghai. The academic urged both investors and journalists to be rational and discouraged speculation on dubious cryptocurrency schemes including initial coin offerings.

    In October, Chinese President Xi Jinping called for urgent development in the country’s blockchain sector — an unexpected message that sent domestic markets into a frenzy. According to Huang, governments should regulate the blockchain and cryptocurrency sectors in order to control market bubbles and curb speculation.

    The Singapore-China Forum — jointly organized by Singaporean newspaper Lianhe Zaobao and The Paper, Sixth Tone’s sister publication — aims to bring businesspeople, scholars, and government officials from the two countries together to discuss “tech innovation and connectivity in the digital economy,” according to the event’s website. (Image: The Paper)