Chinese Blockchain Infrastructure Project Launched With Technology Support From Conflux

Key Points:

• China is launching a blockchain project for the Belt and Road Initiative, led by Conflux Network.
• The Chinese blockchain infrastructure project excludes cryptocurrencies that are in line with Chinese regulations.

China, despite its ban on cryptocurrency transactions, is making strides in blockchain technology with its latest move in support of the Belt and Road Initiative.

Chinese Blockchain Infrastructure Project Launched for Belt and Road Initiative

Reportedly, the Chinese government has unveiled a groundbreaking project titled the “Ultra Large-Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” Led by Conflux Network, this initiative aims to establish a robust public blockchain infrastructure to bolster the objectives of the Belt and Road Initiative.

The Chinese blockchain infrastructure project, distinct from cryptocurrency ventures due to China’s strict regulations, has garnered significant attention. Notable attendees at the project’s announcement conference included representatives from the Ministry of Industry and Information Technology, the Shanghai Science and Technology Commission, and various other technology experts and agencies.

Shutu Blockchain Research Institute in Shanghai will oversee the project, with collaboration from prestigious institutions like the China Academy of Information and Communications Technology and several universities. Conflux Network has been selected as the infrastructure provider to build the Chinese blockchain infrastructure project, which will facilitate cross-border cooperation in economics, trade, and culture within the Belt and Road framework.

Importantly, the Chinese government has emphasized the exclusion of tokens and cryptocurrencies from this blockchain infrastructure, aligning with its regulations.

The Belt and Road Initiative seeks to enhance economic cooperation and connectivity across historical trade routes through global infrastructure development. By integrating blockchain technology, China aims to boost transparency, efficiency, and security.

China Tightens Anti-Money Laundering Regulations

Meanwhile, China is also tightening its Anti-Money Laundering regulations to include cryptocurrency-related transactions, marking the first major revision since 2007. This move aims to combat crypto-related money laundering.

The announcement of the Ultra Large-Scale Blockchain Infrastructure Platform has sparked significant market interest, evidenced by a notable surge in the price of Conflux Network’s native token, CFX, which surged approximately 14.2% following the news.

Experts anticipate that the successful implementation of this Chinese blockchain infrastructure project could serve as a model for other nations seeking to leverage blockchain for similar purposes.