China Unveils Blockchain Platform for Belt and Road Initiative, Targets Crypto Regulations

China has launched a public blockchain platform led by the Conflux Network for cross-border applications under the Belt and Road Initiative. The platform aims to provide a foundation for international collaboration and seamless cooperation across borders.

China Unveils Blockchain Platform for Belt and Road Initiative, Targets Crypto Amendment

In a strategic move to enhance cross-border cooperation, the Chinese government has launched a new public blockchain infrastructure platform led by the Conflux Network. Aptly named the "Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative," this platform serves as the cornerstone for cross-border applications on a public blockchain.

The Conflux Network, a multichain blockchain ecosystem under the Conflux Foundation, spearheads this initiative. Its primary goal is to establish a robust foundation that supports the implementation of cross-border collaboration projects aligned with the Belt and Road Initiative. This platform aims to foster collaboration and enable the development of applications that seamlessly transcend international borders.

Meanwhile, China is poised to implement a significant amendment to its Anti-Money Laundering (AML) regulations, the first major revision since 2007. This amendment reflects China's commitment to combating money laundering and imposing stricter guidelines on cryptocurrency-related transactions. Recent reports have shed light on the role of "virtual currency trading platforms" in facilitating an underground banking operation worth a staggering $2.2 billion, bypassing China's foreign exchange restrictions.

China's foray into blockchain infrastructure stands in contrast to its previous stance on cryptocurrencies. In 2017, China tightened its grip on the crypto industry, leading to the closure of local Bitcoin exchanges. In 2021, the government further intensified its crackdown, prohibiting cryptocurrency trading and mining and barring offshore exchanges from operating within China's borders. Prior to these measures, China held a substantial share of the world's Bitcoin mining hashing power.

Despite its stringent stance on cryptocurrencies, China recognizes the potential of blockchain technology. The launch of the Belt and Road Initiative blockchain platform signifies a shift in the government's approach. This platform aims to leverage the capabilities of blockchain to foster cross-border cooperation and drive economic growth.

The Conflux Network, known for its high throughput and low latency, serves as the backbone of this infrastructure. It enables the creation of decentralized applications (dApps) tailored to cross-border scenarios, such as supply chain management, cross-border payments, and international trade.

The platform's design incorporates features that address the challenges of cross-border blockchain applications. It incorporates interoperability capabilities, allowing it to connect with other blockchains and legacy systems. Additionally, the platform provides a user-friendly interface and developer tools to facilitate the adoption of blockchain technology across diverse industries.

As China continues to embrace blockchain technology, the Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative is expected to play a pivotal role in driving collaboration and economic development along the Belt and Road. The platform's capabilities will empower businesses, governments, and organizations to leverage blockchain technology to create innovative solutions and foster cross-border cooperation.