April 12, 2024
By Sharan Kaur Phillora
China has introduced a pioneering blockchain infrastructure, the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” managed by the Conflux Network. This platform is set to redefine cross-border cooperation, serving as a core public blockchain for international applications.
Here’s what we know:
The Conflux Network, on April 1, shared their vision to bolster cross-border relations through this initiative. It aims to establish a public blockchain infrastructure that underpins the development of applications encouraging global collaboration. The Conflux Network, with its multi-chain ecosystem, operates under the Shanghai Tree-Graph Blockchain Research Institute’s supervision.
This move signifies a major advancement in blockchain technology against the backdrop of China’s historically stringent cryptocurrency regulations. Despite the country’s tight grip on the crypto market, which intensified in 2017, leading to the closure of Bitcoin exchanges, a significant number of Chinese investors remain active in the crypto space. A December 2023 Kyros Ventures report highlighted that 33.3% of Chinese investors possess a substantial amount of stablecoins.
China’s 2021 crackdown on crypto trading and mining, along with its ban on offshore exchange services, reshaped the global crypto landscape, reducing China’s influence in Bitcoin mining. Nevertheless, the country is on the brink of overhauling its Anti-Money Laundering laws to include cryptocurrency transactions, aiming to combat crypto-related money laundering activities.
The blockchain project is a cornerstone of China’s Belt and Road Initiative (BRI), a strategy to connect continents via trade routes. Led by Conflux Network and supported by China’s Ministry of Industry and Information Technology and other esteemed institutions, the project promises to lay the groundwork for applications that facilitate seamless international collaboration.
This initiative is a testament to China’s commitment to leveraging blockchain technology for enhancing cross-border cooperation, despite its restrictive stance on cryptocurrencies. It marks a significant step forward in the application of blockchain technology in fostering global trade and cooperation.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
