China has unveiled a groundbreaking blockchain initiative titled “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” led by Conflux Network.
China’s commitment to blockchain technology and the Belt and Road Initiative is demonstrated by the initiative, which intends to create a strong public blockchain infrastructure platform.
Conflux Network stated on the X post, “The main focus of the project is to create a public blockchain infrastructure platform.”
It also added that this platform will be able to assist with the implementation of cross-border cooperation projects along the Belt and Road Initiative. It will serve as the foundation for creating apps that highlight cross-border cooperation.
The Shanghai Tree-Graph Blockchain Research Institute, commonly known as the Conflux Foundation, is the operator of the Conflux Network, a multichain blockchain ecosystem.
The mainland Chinese government is still pushing for a blockchain program, despite their disapproval of cryptocurrencies. Hence the blockchain here would not include cryptocurrencies and any tokens.
According to a December 2023 research by Vietnamese venture capital firm Kyros Ventures, despite the ban on cryptocurrency trading, 33.3% of Chinese investors possess a sizable quantity of stablecoins, ranking them second only to Vietnam, with 58.6%.
