The Chinese government has initiated a new public blockchain infrastructure platform spearheaded by Conflux Network. This platform, named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” is designed to provide a foundational public blockchain for cross-border applications.
According to Conflux Network’s announcement, the primary objective of this project is to establish a robust public blockchain infrastructure platform that can support cross-border cooperation initiatives aligned with the Belt and Road Initiative. It will serve as the backbone for developing applications showcasing international collaboration.
Conflux Network, operated by the Conflux Foundation (also known as the Shanghai Tree-Graph Blockchain Research Institute), serves as the multichain blockchain ecosystem facilitating this initiative.
Despite China’s strict stance on cryptocurrencies, evidenced by the trading ban enforced since 2017, the crypto industry continues to thrive in the country.
A significant portion of Chinese investors, approximately 33.3%, hold substantial amounts of stablecoins, positioning China as the second-largest holder after Vietnam, which holds 58.6%.
Despite regulatory restrictions, traders in mainland China have devised methods to navigate the ban on trading, often resorting to centralized exchanges.
China is preparing a significant revision to its Anti-Money Laundering (AML) regulations to encompass cryptocurrency-related transactions. This move aims to establish stricter guidelines to combat crypto-related money laundering activities.
The proposed amendment, the first substantial revision to China’s AML regulations since 2007, reflects the government’s efforts to address concerns regarding virtual currency trading platforms’ involvement in underground banking operations aimed at bypassing forex restrictions.
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