Tech
How China Will Use Blockchain Technology Despite Crypto Ban
China has officially launched a blockchain infrastructure to simplify and improve collaboration initiatives along the Belt and Road trade routes.
The ambitious project was unveiled on March 30 during a demonstration meeting at the Shanghai Tree Map Blockchain Research Institute.
China Partners with Conlux for Its Latest Blockchain Initiative
Through its official WeChat account, the Shanghai Tree Map Blockchain Research Institute announced which has driven this key infrastructure development. It has received collaborative support from several major institutions, including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University, and the Chinese Academy of Information and Communication Technology.
This Chinese government blockchain project takes a transnational approach, addressing the unique characteristics and demands of the Belt and Road Initiative’s cooperative framework. The primary objective of this project is to develop a advanced blockchain platform capable of being distributed in multiple countries. Furthermore, the goal is to enable collaborative oversight by various stakeholders.
To know more: Blockchain Infrastructure Deployment: Challenges and Solutions
The platform will support applications for economic, commercial and cultural exchanges. Experts argue that the project is strategically important for China’s global reach and influence expansion. Indeed, it signals China’s continued commitment to exploring the potential of blockchain technology and its applications in international cooperation and development.
The Shanghai Tree Blockchain Research Institute itself is the developer behind the Conflux blockchain. However, given the Chinese government’s ban on cryptocurrencies, its partnership with Conflux is unlikely to involve cryptocurrency-related activities.
“It should be noted that the Chinese government prohibits any institution from engaging in cryptocurrency activities, and the blockchain here should not include cryptocurrency and any token,” journalist Colin Wu he wrote.
Although Conflux participated in the initiative, the recent announcement did not significantly increase the price of CFX, Conflux’s native token. According to data from BeInCrypto, CFX is trading at $0.41 and is down 13.27% over the past 24 hours.
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