Tech
China launches public blockchain platform despite hostile stance in crypto sector
China is accelerating efforts to create a massive blockchain network, despite its strict anti-crypto stance. The goal is to enable the Chinese government to engage in blockchain-related activities, especially in a cross-border context. The Chinese government has launched the “Large-scale Blockchain Infrastructure Platform for the Belt and Road Initiative”. Announced in 2013, China’s ambitious Belt and Road Initiative (BRI) is a global infrastructure development strategy through which it aims to connect continents across land and sea.
The project for China’s next public blockchain platform is led by Conflux Network, and the launch has taken place announced Sunday. A multi-chain blockchain system, the network is operated by the Conflux Foundation, also called the Shanghai Tree-Graph Blockchain Research Institute.
The Conflux network posted updates about the project on X (formerly Twitter), revealing that the platform will “provide the foundation for developing applications that showcase cross-border collaboration.” Other details regarding the project have yet to be announced.
The main goal 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 basis for developing applications that… https://t.co/MkWgRY2G8A
— Conflux Network Official (@Conflux_Network) April 1, 2024
This is not the first time that China has shown some interest in exploring the Web3 sector. The Chinese government recently hinted at its preparedness plan to address the growth of metaverse technology in the country.
In January 2024, the Chinese government setting up a special body charged with setting standards for the use of metaverse technology in China. This group is made up of several Chinese tech majors including Tencent, Baidu and Ant Group.
China also leads the Asian market in conduction CBDC trials in advanced stages with international banks such as Standard charter participating in the tests.
While Beijing imposed a blanket ban on cryptocurrency-related activities in September 2021 due to electricity shortages, an underground network of cryptocurrency traders managed to keep the exchange operations running. A December 2023 report from Vietnamese investment firm Kyros Ventures claimed stablecoins are particularly popular in China with 33.3% of Chinese investors holding these digital currencies.
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