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In a significant move, China has collaborated with Conflux Network to introduce a new public blockchain infrastructure platform to bolster the Belt and Road Initiative through advanced cross-border applications.
Conflux Network Spearheads Launch of New Blockchain Platform for Belt and Road Initiative
Conflux Network has led the launch of the Chinese government's new public blockchain infrastructure platform, Cointelegraph reported.
The new platform, dubbed "Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative," aims to provide an underlying public blockchain for cross-border applications, according to an April 1 X post by Conflux Network:
“The main focus of the project is to create a public blockchain infrastructure platform. This platform will be able to support the implementation of cross-border cooperation projects along the Belt and Road Initiative. It will provide the base for developing applications that showcase collaboration across borders.”
Conflux Network is a multichain blockchain ecosystem managed by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute.
China Enhances Blockchain Initiatives Amid Strict Cryptocurrency Trading and Mining Bans
The government's blockchain initiative comes despite mainland China's hostility toward cryptocurrencies. China had begun to tighten its grip on the cryptocurrency industry as early as 2017 when the government ordered the closure of Chinese Bitcoin exchanges.
Despite the ban on crypto trading, 33.3% of Chinese investors own a significant amount of stablecoins, trailing only Vietnam, which has 58.6%, according to a December 2023 report by Vietnamese venture capital firm Kyros Ventures.
Traders in mainland China have found ways to circumvent the trading ban. According to a report by Kyros Ventures, most investors in the country prefer to trade on centralized cryptocurrency exchanges.
In 2021, Beijing will ban cryptocurrency trading and mining and prohibit offshore exchanges from operating in the country. Before the crypto crackdown began in 2021, China accounted for two-thirds of total Bitcoin mining hashing power.
Amid calls for increased industry scrutiny, China is set to amend its Anti-Money Laundering (AML) regulations to include cryptocurrency-related transactions.
The amendment, the first major revision to China's anti-money laundering regulations since 2007, aims to impose stricter guidelines to combat cryptocurrency money laundering.
According to a December 24, 2023 report, "virtual currency trading platforms" allegedly facilitated a $2.2 billion underground banking operation to circumvent the country's forex restrictions.
Photo: Microsoft Bing
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