Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative

Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative
Adoption & Regulations
Like? Do Rank It! Likes

China has officially launched a blockchain infrastructure to streamline and enhance collaborative initiatives along the Belt and Road trade routes.

The ambitious project was unveiled on March 30 during a demonstration meeting at the Shanghai Tree Map Blockchain Research Institute.

China Partners With Conflux for Its Latest Blockchain Initiative

Through its official WeChat account, the Shanghai Tree Map Blockchain Research Institute that it spearheaded this key infrastructure development. It received collaborative support from several prominent institutions, including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University, and the China Academy of Information and Communications Technology.

This blockchain project from the government of China takes a transnational approach, addressing the unique characteristics and demands of the Belt and Road Initiative’s cooperative framework. The primary objective of this project is to develop an advanced blockchain platform capable of deployment across multiple countries. Additionally, the goal is to enable collaborative oversight from various stakeholders.

The platform will support applications for economic, trade, and cultural exchanges. Experts assert that the project is strategically important for China’s global reach and influence expansion. Indeed, it signals China’s continued commitment to exploring the potential of blockchain technology and its applications in international cooperation and development.

Shanghai Tree Blockchain Research Institute itself is the developer behind the Conflux blockchain. However, seeing the Chinese government’s ban on cryptocurrency, its partnership with Conflux will unlikely involve any crypto-related activities.

“It should be noted that the Chinese government prohibits any institution from engaging in cryptocurrency activities, and the blockchain here should not include cryptocurrency and any tokens,” journalist Colin Wu

Although Conflux participated in the initiative, the recent announcement did not significantly push up the price of CFX, Conflux’s native token. According to BeInCrypto’s data, CFX is traded at $0.41 and has been down 13.27% for the last 24 hours.

Top crypto platforms | April 2024