The Chinese government has launched a new public blockchain infrastructure platform led by Conflux Network.
The new platform, dubbed “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” aims to offer an underlying public blockchain for cross-border applications, according to an April 1 “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 along the Belt and Road Initiative. It will provide the base for developing applications that showcase collaboration across borders.”
Conflux Network is a multichain blockchain ecosystem operated by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute.The governmental blockchain initiative comes despite mainland China’s hostile attitude toward cryptocurrencies. China has started tightening its grip on the crypto industry since at leasthold a large amount of stablecoins, placing them in second place to Vietnam, with 58.
Traders in mainland China have found ways to circumvent the ban on trading. The majority of investors in the country choose to trade on centralized crypto exchanges , according to the report by Kyros Ventures.and mining in 2021 and prohibited offshore exchanges from offering their services in the country.