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Conflux Spearheads China’s New Blockchain Endeavor for Global Trade

The Chinese government has unveiled an ambitious project on April 1, led by the Conflux Network: the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” This initiative marks a pivotal move by China to adopt blockchain technology for enhancing secure and efficient cross-border transactions.

“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 showcase collaboration across borders.”

– Conflux Network Official, Apr 1, 2024

On March 30, the Shanghai Tree Graph Blockchain Research Institute orchestrated a pivotal meeting to showcase the launch plan for the “Ultra-large-scale Blockchain Basic Platform for the ‘Belt and Road,’” a critical national research and development project initiated on the Conflux Network.

The project, steered by the Shanghai Shutu Blockchain Research Institute, has seen active involvement from esteemed institutions like the China Academy of Information and Communications Technology and top universities in Shanghai. The meeting drew in a cadre of experts and leaders from significant government bodies, including the Ministry of Industry and Information Technology and the Shanghai Science and Technology Commission, as well as members from the project’s consulting and leadership teams.

The initiative’s goal is to cater to the specific needs of the “Belt and Road” international cooperation framework. It aims to create a sophisticated blockchain platform that supports deployment across nations and enables joint regulatory oversight. The platform is also expected to serve as a cornerstone for developing applications that exemplify international cooperation in commerce, economy, and culture.

Notably, the Conflux Network, managed by the Conflux Foundation (Shanghai Tree-Graph Blockchain Research Institute), has been instrumental in the successful trial of the AxHKD, a Hong Kong Dollar-backed stablecoin, this past March. Developed by the local fintech firm AnchorX, the AxHKD is slated for initial release on the Conflux Network before expanding to Ethereum. The Conflux Network holds the distinction of being the sole regulatory-compliant public blockchain in China.

China’s firm stance against cryptocurrencies remains, as evidenced by previous crackdowns. However, this new blockchain initiative signals the government’s commitment to exploring the potential of blockchain technology, distinguishing it from its stance on cryptocurrencies.

Sentiment: Positive

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