China taps Conflux Network for its Belt and Road Blockchain project

The Chinese government has unveiled an ambitious project titled “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” with Conflux Network leading the charge.

This initiative aims to establish a robust public blockchain infrastructure platform, facilitating cross-border applications and fostering collaboration along the Belt and Road Initiative routes.

China’s Conflux-led Belt and Road Blockchain project

The “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” underscores China’s dedication to both blockchain technology and the Belt and Road Initiative, aiming to establish a robust public blockchain infrastructure platform.

Conflux Network emphasized the project’s primary objective of creating a public blockchain infrastructure platform that will support cross-border cooperation projects along the Belt and Road Initiative.

Additionally, the blockchain project will serve as the basis for developing applications highlighting cross-border collaboration.

Operated by the Conflux Foundation, the Conflux Network is a multichain blockchain ecosystem spearheading this endeavour.

China’s position on cryptocurrencies

Despite China’s stringent regulations on cryptocurrencies, the crypto industry continues to thrive within the country.

Since 2017, when the Chinese government ordered the closure of Bitcoin exchanges, crypto usage has persisted.

A recent report by Vietnamese venture capital firm Kyros Ventures showed that a significant portion of Chinese investors hold stablecoins, indicating sustained interest in digital assets despite regulatory hurdles.

Traders in mainland China have adeptly navigated regulatory challenges by resorting to centralized crypto exchanges. However, China has intensified its crackdown on crypto activities, including trading and mining, to mitigate potential risks such as money laundering.

In response to growing concerns, China is poised to enact a major amendment to its Anti-Money Laundering regulations, targeting crypto-related transactions. This revision aims to impose stricter guidelines to combat illicit activities within the crypto sphere.

Furthermore, reports suggest that virtual currency trading platforms have been implicated in facilitating underground banking operations, circumventing the country’s forex restrictions. This revelation underscores the complexities inherent in regulating crypto activities within China’s regulatory landscape.

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