Chinese government launches new public blockchain infrastructure platform

JAKARTA – The Chinese government has launched a new public blockchain infrastructure platform led by Conflux Network. The new platform is named the “Ultra-Large Blockchain Infrastructure Platform for Path and Road Initiatives.” According to an April 1 post by Conflux Network, the program aims to provide an underlying public blockchain for cross-border applications.

“The main focus of this project is to create a public blockchain infrastructure platform that can support the implementation of cross-border cooperation projects in line with the Pass and Road Initiative. It provides a foundation for developing applications that demonstrate cross-disciplinary collaboration,” Conflux said at Platform X.

Conflux Network is a multi-chain blockchain ecosystem operated by Conflux Foundation, also known as Tree-Shanghai Blockchain Research Institute.

The government’s blockchain initiative comes despite China’s unfriendly stance towards cryptocurrencies. China has begun tightening its control over the cryptocurrency industry since at least 2017, when the government ordered Chinese Bitcoin exchanges to shut down.

According to a December 2023 report by Vietnamese venture capital firm Kairos Ventures, despite the virtual currency trading ban, 33.3% of Chinese investors hold large amounts of stablecoins, compared to 58.6% in Vietnam. It ranks second after %.

Mainland Chinese traders have found a way around the trade ban. According to a report by Kyros Ventures, the majority of domestic investors choose to trade on centralized crypto exchanges.

The Chinese government will ban virtual currency trading and mining in 2021 and prohibit foreign exchanges from providing services in the country. Before the crypto ban was tightened in 2021, China controlled two-thirds of all Bitcoin mining hashing power.

Amid pressure to tighten industry oversight, China will significantly amend its anti-money laundering (AML) regulations to include crypto-related transactions.

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

According to the December 24, 2023 report, “a virtual currency trading platform said to help facilitate underground banking operations worth Rp 34,876 million to circumvent state foreign exchange restrictions.

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