China’s government is forging ahead with plans to establish a public blockchain platform, signaling a surprising pivot amidst its stringent stance against cryptocurrencies. Spearheaded by Conflux Network, the project aims to facilitate blockchain-enabled activities, particularly in cross-border initiatives like the Belt and Road Initiative (BRI).
Despite its crypto skepticism, China announced the launch of the ‘Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.’ Originating in 2013, the BRI seeks to connect continents through a global infrastructure network, making the upcoming blockchain platform a pivotal component of China’s digital strategy.
Conflux Network Leads the Charge
Conflux Network, operated by the Conflux Foundation (Shanghai Tree-Graph Blockchain Research Institute), is at the forefront of China’s public blockchain endeavor. The multichain system is positioned to foster collaboration across borders and serve as a foundation for developing cross-border applications.
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
While Conflux Network teased updates on the project via social media platform X (formerly Twitter), specifics regarding the platform’s functionalities are yet to be disclosed. However, it is expected to provide a robust framework for cross-border collaboration, aligning with China’s ambitious international infrastructure goals.
China’s Growing Interest in Web3 and Metaverse
China’s recent foray into blockchain aligns with its broader interest in emerging technologies like Web3 and the metaverse. In January 2024, the government established a task force, including tech giants like Tencent and Baidu, to set standards for metaverse adoption. Additionally, China leads CBDC trials in collaboration with international banks.
Crypto Ban Amidst Underground Trading
Despite China’s blanket ban on crypto activities since September 2021, an underground network of traders persists. Stablecoins, in particular, remain popular among Chinese investors, indicating continued interest in digital assets despite regulatory challenges.
China’s move to launch a public blockchain platform amidst crypto skepticism underscores the nuanced approach the country is taking toward digital innovation. As Conflux Network leads the charge, the platform’s success could shape the future of blockchain adoption within China’s regulatory framework, amidst a backdrop of continued interest in emerging technologies.
