China launches “One Belt, One Road Initiative” blockchain platform led by Conflux Network

The Chinese government has introduced a new public blockchain infrastructure platform led by Conflux Network, a multi-chain blockchain ecosystem under the Conflux Foundation. Dubbed the “Ultra-Large Blockchain Infrastructure Platform for the Belt and Road Initiative,” the platform is designed to provide the foundation for cross-border applications on public blockchains.

according to For Conflux Network, the main objective of this project is to establish a robust public blockchain infrastructure that supports the implementation of cross-border cooperation projects in line with the Belt and Road Initiative. The platform aims to facilitate collaboration and enable the development of applications that demonstrate seamless cooperation across borders.

China is preparing major revisions to its anti-money laundering (AML) regulations amid persistent calls for increased oversight of the cryptocurrency industry. The amendments, the first major changes since 2007, aim to impose stricter guidelines on crypto-related transactions to combat money laundering. A “cryptocurrency trading platform” circumvented the country’s foreign exchange regulations and facilitated $2.2 billion worth of underground banking operations, according to recent reports.

The Chinese government’s foray into blockchain infrastructure comes despite its previously strict stance on cryptocurrencies. China began tightening its controls over the cryptocurrency industry in 2017, and domestic Bitcoin exchanges were shut down. In 2021, the Chinese government further tightened its crackdown on cryptocurrencies, banning trading and mining and banning the operation of offshore exchanges in the country. Prior to these measures, China controlled a significant portion of the world’s Bitcoin mining hash power.