China steps up efforts to establish comprehensive blockchain network: here’s why

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This strategy was launched in 2013

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Despite maintaining strict policies against cryptocurrencies, China is stepping up efforts to build a comprehensive blockchain network.

The aim of this initiative is to strengthen the Chinese government’s participation in blockchain-related activities, especially those with international dimensions.

This move is based on the launch of the “Ultra-Large Blockchain Infrastructure Platform for the Belt and Road Initiative,” a development strategy launched in 2013 with the aim of building a global infrastructure that connects continents by land and sea. Includes raising.

Conflux Network leads the project

The upcoming public blockchain platform project is being led by Conflux Network, which recently announced its launch.

Operating under the supervision of the Conflux Foundation (also known as the Shanghai Treegraph Blockchain Institute), the Conflux Network functions as a multi-chain blockchain system.

An update on the project was shared on X, stating that the platform “provides a foundation for the development of applications that demonstrate cross-border collaboration.”

Further details regarding this initiative will be disclosed in due course.

Growing interest in Web3 and Metaverse technologies

China’s interest in the Web3 field is not recent. The government has demonstrated its readiness to address the rise of Metaverse technology within its borders.

In January 2024, a special agency was established by the Chinese government tasked with setting standards for the use of Metaverse technology in China.

The group includes major Chinese technology companies such as Tencent, Baidu, and Ant Group.

China’s CBDC exam and virtual currency trading

China is leading central bank digital currency (CBDC) trials in Asia, with global banks such as Standard Chartered also participating.

Despite a total ban on crypto-related activities imposed by the Chinese government in September 2021 due to power shortages, an underground network of crypto traders has managed to maintain trading activity.

Stablecoins are particularly popular among Chinese investors, with 33.3% holding these digital currencies, according to a December 2023 report by Vietnam-based investment capital firm Kairos Ventures. It became clear.

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