6 months ago
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The platform is part of the "Belt and Road" initiative.
Conflux Network has joined forces with the Chinese government to develop an “ultra-large-scale blockchain infrastructure platform for the Belt and Road initiative,” according to an announcement made during a conference on March 30, which was first revealed by Chinese journalist Wu Blockchain and officially confirmed by Conflux Network today.
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… https://t.co/MkWgRY2G8A
— Conflux Network Official (@Conflux_Network) April 1, 2024
The project saw the participation of various Chinese entities, including IT regulatory agencies, academic institutions like Shanghai Jiao Tong University and Fudan University, and experts from government bodies, according to a recent press release.
The Belt and Road Initiative, launched by President Xi Jinping, aims to connect China with continents across the globe through a network of infrastructure projects. As part of this initiative, the new blockchain platform will enable participating countries to monitor and manage cross-border economic, trade, and cultural activities, thereby facilitating smoother international collaboration.
China’s revelation of this large-scale blockchain project comes amid China’s ongoing ban on crypto trading. The ban, implemented in September 2021, prohibits all crypto-related activities on the mainland.
Despite remaining skeptical of crypto trading, the Chinese government seems more open to non-fungible tokens (NFTs) and Web3. In late 2023, the People’s Republic of China Ministry of Industry & Information Technology announced plans to develop NFT and Web3 markets alongside the Metaverse between 2024 and 2025.
The Chinese central government stated that it will formulate a strategic document for the development of Web 3.0, encourage the development of NFT and distributed applications (DApp), focus on promoting cross-chain, privacy computing, smart contracts and other technical fields,…
— Wu Blockchain (@WuBlockchain) December 20, 2023
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