China partners with Conflux Network to launch large-scale blockchain initiative

In a significant move, China has collaborated with Conflux Network to introduce a new public blockchain infrastructure platform to power the Belt and Road Initiative through advanced cross-border applications.

Conflux Network leads the launch of new blockchain platform for the Belt and Road Initiative

Conflux Network led the launch of the Chinese government’s new public blockchain infrastructure platform, Cointelegraph reported.

According to an April 1 post on It is said that the purpose is conflux network:

“The main focus of the project is to create a public blockchain infrastructure platform. This platform will be able to support the implementation of cross-border cooperation projects in line with the Belt and Road Initiative. This provides the foundation for developing applications that demonstrate cross-border collaboration. ”

Conflux Network is a multi-chain blockchain ecosystem managed by Conflux Foundation, also known as Shanghai Treegraph Blockchain Institute.

China steps up blockchain efforts amid strict ban on cryptocurrency trading and mining

The government’s blockchain initiative comes despite mainland China’s hostility towards cryptocurrencies. China already began tightening its grip on the cryptocurrency industry in 2017, when the government ordered the closure of Chinese Bitcoin exchanges.

According to a December 2023 report by Vietnamese venture capital firm Kairos Ventures, despite the ban on crypto trading, 33.3% of Chinese investors own large amounts of stablecoins, while 58.6% It lags behind only Vietnam, which has a

Mainland Chinese traders have found a way around the trade ban. According to a report by Kyros Ventures, most investors in the country prefer trading on centralized crypto exchanges.

In 2021, the Chinese government will ban virtual currency trading and mining and prohibit the operation of offshore exchanges in the country. Before the crackdown on cryptocurrencies began in 2021, China accounted for two-thirds of all Bitcoin mining hashing power.

China plans to revise anti-money laundering (AML) regulations to include crypto-related transactions amid calls for increased oversight of the industry.

The proposed amendments are the first major amendments to China’s anti-money laundering regulations since 2007 and aim to impose stricter guidelines to combat crypto money laundering.

A “virtual currency trading platform” allegedly facilitated $2.2 billion in underground banking operations to circumvent the country’s foreign exchange regulations, according to a December 24, 2023 report.

Photo: Microsoft Bing

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