China announces a collaboration with Conflux Network to develop a blockchain infrastructure platform for the Belt and Road initiative, signaling a strategic shift towards embracing blockchain technology for international trade and cooperation. Despite its stringent stance on cryptocurrencies, the Chinese government recognizes the potential of blockchain in enhancing global collaboration.
The project aims to establish an integrated public blockchain network to facilitate cooperation projects among Belt and Road countries, leveraging blockchain’s capabilities to transcend geographical boundaries. Cosmos System, operating primarily on Conflux Network, plays a important role in enabling this initiative, showcasing China’s commitment to utilizing domestically developed blockchain technology for strategic objectives.
While China has imposed regulations to limit cryptocurrency activities within its jurisdiction, including banning operations and closing exchanges, it acknowledges the complex dynamics between regulatory measures and public enthusiasm for cryptocurrencies. The government’s focus on amending Anti-Money Laundering regulations reflects its efforts to address risks associated with digital currencies while recognizing blockchain’s potential for economic prosperity.
The launch of the Ultra-Large Blockchain Infrastructure Platform establishes China’s recognition of blockchain’s transformative potential and its commitment to fostering international cooperation through innovative technology.
