Chinese authorities used Conflux Network to build the Belt and Road blockchain project. The project’s announcement comes at a time when China’s blockchain is rapidly progressing toward becoming a world leader. However, the Chinese government still prohibits financial institutions from handling virtual currencies.
Confusion with Chinese government over blockchain project launch
According to Wu Blockchain, a blockchain initiative named “Ultra-Large Blockchain Infrastructure Platform for the Belt and Road Initiative” has been introduced by the Chinese government. This project is managed by Conflux Network.
The main goal of the project is to develop a public blockchain infrastructure platform. However, due to Chinese government policy, no virtual currency exists on this blockchain.
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Conflux builds cross-border blockchain network
Conflux via XPost has confirmed that working with the Chinese government to build public blockchain infrastructure will enable the creation of a platform for collaboration. In line with the Belt and Road Initiative, the platform will be able to support the implementation of cross-border cooperation projects. This serves as the basis for creating apps that highlight cross-border cooperation.
China plans to become a blockchain master
The blockchain project led by Conflux comes as China seeks to establish itself as a leader in the blockchain space. The city of Shanghai in China has already announced a detailed implementation plan to build an urban blockchain digital infrastructure system from 2023 to 2025. Forbes highlights that this strategy is a key element of Shanghai’s strategic goals to digitally transform itself and improve its use of blockchain technology. in public services, economics and urban administration.
This strategy aims to leverage advances in standard system construction and blockchain core technology that have created a robust industry ecosystem and substantial innovation momentum.
Additionally, Forbes says the Shanghai plan reflects China’s determination to become a world leader in technological innovation and economic leadership. The country’s achievement in issuing the electronic renminbi, a central bank digital currency, further strengthened its position as a pioneer in the digital currency field.
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