JAKARTA – The Chinese government has launched a new public blockchain infrastructure platform led by the Conflux Network. This new platform, dubbed “The Ultra-Large Scale Blockchain Infrastructure Platform for Path and Road Initiatives.” The program aims to offer an underlying public blockchain for cross-border applications, according to a post X on April 1 by the Conflux Network.
“The main focus of this project is creating a public blockchain infrastructure platform. This platform will be able to support the implementation of cross-border cooperation projects along Path and Road Initiatives. This will be the basis for developing applications that show cross-border cooperation,” Conflux said on platform X.
The Conflux Network is a multichain blockchain ecosystem operated by the Conflux Foundation, also known as the Tree-Shanghai Blockchain Research Institute.
The government’s blockchain initiative comes despite China’s unfriendly stance on cryptocurrencies. China has started tightening control over the crypto industry since at least 2017 when the government ordered the Chinese Bitcoin exchange to shut down.
Despite the crypto trading ban, 33.3% of Chinese investors hold large numbers of stablecoins, placing them in second place after Vietnam, with 58.6%, according to a December 2023 report by Vietnamese venture capital firm Kyros Ventures.
Traders in mainland China have found a way to evade trade bans. The majority of investors in the country choose to trade on a centralized crypto exchange, according to a report by Kyros Ventures.
Beijing bans crypto trading and mining in 2021 and prohibits foreign exchanges from offering its services in the country. Prior to tightening crypto bans in 2021, China also controlled two-thirds of the total Bitcoin mining hashing power.
Amid pressure for greater industrial scrutiny, China will make a major amendment to the Anti-Money Laundering (AML) regulations to include cryptocurrency-related transactions.
The amendment, which is the first major revision to China’s AML regulation since 2007, aims to impose stricter guidelines for fighting crypto-related money laundering.
A “virtual currency trading platform that is said to help facilitate underground banking operations worth 34.876 billion rupiah to avoid state forex restrictions, according to a December 24, 2023 report.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language.
(system supported by DigitalSiber.id)
This news is republished from another source. You can check the original article here