April 03, 2024
By Sharan Kaur Phillora
The Chinese government has partnered with Conflux Network to introduce an avant-garde public blockchain infrastructure, announced on the platform X. This new platform, christened the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” is set to redefine cross-border cooperation by offering a foundational public blockchain that caters to international applications.
Here’s what we know:
This initiative aims to use the power of blockchain to facilitate collaboration across nations involved in the Belt and Road Initiative. The Conflux Network, operated by the esteemed Shanghai Tree-Graph Blockchain Research Institute, is at the front of this project. This collaboration signifies a remarkable stride towards employing blockchain technology for fostering global partnerships and economic integration.
Despite China’s stringent stance on cryptocurrencies, evidenced by a series of regulatory measures since 2017, this initiative underscores the government’s acknowledgment of blockchain’s potential beyond the realm of digital currencies. China’s aggressive clampdown on crypto trading and mining starkly contrasts with this new venture into blockchain infrastructure development.
Interestingly, the Chinese populace has shown resilience in navigating the crypto landscape, with a significant percentage holding stablecoins, as revealed by a report from Kyros Ventures. This adaptability highlights the nuanced relationship between the Chinese market and the crypto ecosystem.
The launch of this blockchain platform is timely, coinciding with China’s efforts to revamp its Anti-Money Laundering regulations to address cryptocurrency transactions. This move aims to tighten the noose on crypto-related money laundering, a concern heightened by instances of virtual currency platforms facilitating substantial underground banking operations.
This collaboration between the Chinese government and Conflux Network is not merely a technological endeavor but a visionary step towards leveraging blockchain for global economic synergy, marking a new chapter in the fusion of technology and international diplomacy.
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.
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