Under the direction of Conflux Network, the Chinese government has introduced a brand-new public blockchain infrastructure platform.As to a Conflux Network article from April 1st on X, the new platform named “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” intends to provide an underlying public blockchain for cross-border applications.
“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.”
Managed by the Conflux Foundation, formerly the Shanghai Tree-Graph Blockchain Research Institute, Conflux Network is a multichain blockchain ecosystem.
The mainland Chinese government is still pushing for a blockchain program, despite their disapproval of cryptocurrencies.Since the government of China ordered the closure of Chinese Bitcoin exchanges in 2017, the country has been increasing its control over the cryptocurrency market.
According to a survey released in December 2023 by Vietnamese venture capital firm Kyros Ventures, 58.6% of Vietnamese investors own huge amounts of stablecoins, but 33.3% of Chinese investors do the same. This puts China in second place after Vietnam.The trade embargo has not stopped mainland Chinese traders from finding methods to do business.An analysis by Kyros Ventures indicates that most investors in the nation opt to trade on centralized cryptocurrency exchanges.China outlawed cryptocurrency mining and trading in 2021, as well as the provision of services by offshore exchanges within the nation. Two-thirds of all Bitcoin mining power was held by China prior to the crypto crackdown that grew more intense in 2021.
China is going to significantly alter its Anti-Money Laundering (AML) laws to encompass cryptocurrency-related transactions, in response to calls for increased industry oversight.Stricter standards are intended to prevent money laundering related to cryptocurrencies. This is the first significant adjustment to China’s anti-money laundering regulations since 2007.A Dec. 24, 2023 article claims that so-called “virtual currency trading platforms” enabled a $2.2 billion covert banking operation to get over the nation’s FX limitations.