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China’s Groundbreaking Blockchain Initiative for the Belt and Road Initiative
China recently announced a significant initiative led by Conflux Network, focusing on the development of an “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This groundbreaking project aims to leverage blockchain technology to facilitate secure cross-border transactions and cooperation.
Research Institute Hosts Launch Meeting
A key aspect of the initiative is the creation of a public blockchain infrastructure platform to support cross-border projects along the Belt and Road Initiative. The Shanghai Tree Graph Blockchain Research Institute hosted a launch meeting for the national project titled “Ultra-large-scale Blockchain Basic Platform for the Belt and Road” on Conflux Network. The initiative involved prestigious institutions such as the China Academy of Information and Communications Technology, Shanghai Jiao Tong University, and others.
Objectives of the Initiative
The primary goal of this initiative is to address the specific requirements of transnational cooperation along the Belt and Road. It aims to develop an advanced blockchain platform for multi-country deployment and collaborative supervision across various sectors. The platform will be used to demonstrate applications of cross-border cooperation in economic, trade, and cultural domains.
Conflux Network’s Role
In a separate development, Conflux Network successfully beta-tested the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD. This stablecoin, developed by AnchorX, will be launched on Conflux Network and Ethereum. Conflux Network is known as the only regulatory-compliant public blockchain in China.
China’s Interest in Blockchain Amid Crypto Restrictions
Despite China’s strict stance on cryptocurrencies, the government’s blockchain initiative highlights the country’s interest in blockchain technology. While crypto trading is banned in mainland China, investors are finding alternative ways to participate in the crypto market amid economic challenges.
Underground Crypto Industry
Mainland investors are accessing cryptocurrencies through centralized platforms and engaging in over-the-counter transactions. Some investors are utilizing forex purchase quotas to move funds into cryptocurrency accounts in Hong Kong. This trend has led to a surge in crypto trading activity in China, as reflected in its global ranking in peer-to-peer trade volume.
Tech Giants’ Involvement
Despite the ban on crypto trading, Chinese tech giants like Tencent and Huawei are actively involved in the Web3 space. They are leveraging their resources to support web3 startups, showcasing China’s interest in blockchain technology despite restrictions on cryptocurrency trading.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
