Creative Rewrite:
Introducing a New Approach to the Belt and Road Initiative: “China’s Ethereum”
China recently announced the launch of a new “public blockchain infrastructure” platform to support cross-border applications for the Belt and Road Initiative. Led by Conflux Network, this platform will provide a foundational public blockchain to facilitate the implementation of transnational cooperation projects.
Known as “China’s Ethereum,” Conflux Network is the only recognized public and permissionless blockchain project in China, offering blockchain technology services to both domestic and international enterprises.
On April 1st, Conflux Network shared this news on the social platform X, highlighting China’s important step towards promoting seamless and secure cross-border transactions through blockchain technology.
According to reports from foreign media, the Shanghai Shitu Blockchain Research Institute held a project launch and implementation plan demonstration meeting on March 30th for the “Large-scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This project was led by the Shanghai Shitu Blockchain Research Institute in collaboration with renowned institutions such as the China Academy of Information and Communications Technology, Shanghai Jiao Tong University, Fudan University, and Shanghai Maritime University.
The main objective of this project, according to official sources, is to address the unique characteristics and requirements of cross-border cooperation scenarios in the Belt and Road Initiative. As a result, the project will develop an advanced blockchain infrastructure platform that supports multi-country deployment and multi-subject collaborative supervision. Based on this platform, it will carry out demonstrative cross-border cooperation applications in the fields of economy, trade, and culture.
Conflux Network, known as “China’s Ethereum,” is the only recognized public and permissionless blockchain project in China, providing blockchain technology services to both domestic and international enterprises.
Xi Jinping’s Positive Outlook on Blockchain Technology and China’s Stance on Cryptocurrencies
Despite China’s strong stance against cryptocurrencies since 2017 and its comprehensive ban on cryptocurrency trading and mining activities in 2021, Chinese leader Xi Jinping remains optimistic about blockchain technology, considering it as one of the key emerging technologies for digital economic development.
️ Further Reading:
From being the largest mining country to a complete ban! What would happen if the cryptocurrency ban were lifted? A timeline of China’s blockchain development
Chinese traders have found ways to circumvent the trading ban and are still active in the crypto world. According to a report released by Vietnamese venture capital firm Kyros Ventures in December 2023, 33.3% of Chinese investors hold a significant amount of stablecoins, ranking second globally, only behind Vietnam with 58.6%.
️ Further Reading:
China’s cryptocurrency ban can’t stop it! People buy coins in “physical” places like food stalls and laundromats, resulting in a trading volume of $86.4 billion in a year.
With the increasing use of cryptocurrencies in recent years, the Chinese government has also recognized the risks associated with money laundering. In the past, so-called “virtual currency trading platforms” facilitated an underground remittance business worth up to $2.2 billion, evading China’s foreign exchange restrictions. As a result, China has made significant revisions to its anti-money laundering (AML) regulations to enforce stricter controls on transactions related to cryptocurrencies.
These actions by the Chinese government demonstrate their attention to the cryptocurrency industry and their confidence in blockchain technology. As the cryptocurrency market in China continues to evolve, people will continue to closely monitor the government’s policies towards the industry.
References:
cointelegraph, cryptonews
Proofread by: Gao Jingyuan