Amid Crypto Ban, China Launches New 'Blockchain Platform': Here's What We Know So Far

In a latest move, China is defying its own stringent anti-crypto policies by accelerating efforts to establish a massive blockchain network.

The objective is to enable the Chinese government to actively participate in blockchain-related endeavours, particularly in cross-border initiatives.

The latest endeavour, dubbed the 'Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative', marks a significant stride in China's blockchain ambitions.

Spearheaded by Conflux Network, the project was officially announced on Sunday (31 March), reported NDTV.

Operated by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, the platform aims to establish a multichain blockchain system that facilitates cross-border collaboration.

Updates on the project were shared by Conflux Network on X (formerly Twitter), highlighting the platform's potential to serve as a foundation for developing applications showcasing international cooperation.

However, specific details regarding the project's implementation are yet to be disclosed.

Also Read: Explained: How The New Electric Vehicle Policy May Disrupt The EV Car Market Against Tata Motors

Recently, the Chinese government had hinted at its readiness to regulate the metaverse sector, forming a specialised body to set standards for metaverse technology in the country.

Notably, this group includes major Chinese tech players such as Tencent, Baidu, and Ant Group.

Moreover, China remains at the forefront of Central Bank Digital Currency trials in the Asian market, with trials advancing to advanced stages involving international banks like Standard Chartered.

Despite Beijing's ban on crypto-related activities in September 2021 due to electricity shortages, a clandestine network of crypto traders continues to operate underground.

According to a December 2023 report by Vietnamese investment capital firm Kyros Ventures, stablecoins have gained popularity in China, with a significant portion of Chinese investors holding these digital currencies.

Also Read: AAP Leader Sanjay Singh Gets Bail In Liquor Policy Case After Six Months As ED Does Not Object To His Plea In Supreme Court