China Launches Public Blockchain Platform Despite Unfriendly Crypto Stance

Despite its strong anti-crypto stance, China is accelerating efforts to build a massive blockchain network. The goal is to allow the Chinese government to engage in blockchain-related activities, particularly in a cross-border setting. The Chinese government has launched the ‘Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative’. Announced in 2013, China’s ambitious Belt and Road Initiative (BRI) is a development strategy for global infrastructure that aims to connect continents across land and sea.

The upcoming Chinese public blockchain platform project is spearheaded by Conflux Network, and launched. announced on Sunday. A multi-chain blockchain system, the network is operated by the Conflux Foundation, also known as the Shanghai Treegraph 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 demonstrate collaboration across borders.” ” Other details about the project are yet to be announced.

This is not the first time China has shown interest in exploring the Web3 sector. The Chinese government has recently signaled its readiness plan to deal with the development of metaverse technology in the country.

In January 2024, the Chinese government establish A specialized agency tasked with setting standards for the use of Metaverse technology in China. The group consists of several Chinese tech companies including Tencent, Baidu, and Ant Group.

China is also the leader in holding the Asian market. CBDC Trials Like in advanced stages with international banks Standard Chartered Participating in trials.

While Beijing imposed a complete ban on crypto-related activities in September 2021 due to power shortages, an underground network of crypto traders has been able to continue trading operations. December 2023 report by Kyros Ventures, a Vietnamese investment capital firm claimed Stablecoins are particularly popular in China, where 33.3 percent of Chinese investors hold these digital currencies.

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