The Chinese authority has tapped on Conflux Network to build a Blockchain project for the “Belt and Road Initiative”. The project announcement comes at a time when China’s blockchain is advancing at a fast pace to be a leader in the global setup. However, the Chinese government still forbids institutions from handling cryptocurrencies.

Conflux with Chinese Government to Launch Blockchain Project

According to Wu Blockchain, a blockchain initiative named “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” has been introduced by the Chinese government. Conflux Network is in charge of this project.

The project’s primary goal is to develop a public blockchain infrastructure platform. However, as per the Chinese government’s policy, cryptocurrencies will not be present on this blockchain.

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Conflux to Create the Cross-Border Blockchain Network

Conflux via an X post confirmed that the creation of a public blockchain infrastructure, along with the Chinese government will enable the building of a platform for collaboration.  Along the Belt and Road Initiative, this platform will be able to assist with the implementation of cross-border cooperation projects. It will serve as the foundation for creating apps that highlight cross-border cooperation.

China Plans on Being the Blockchain Master

The Blockchain project, which will be led by Conflux, comes as China has been trying to position itself as a leader in the blockchain realm. A detailed implementation plan has already been released by Shanghai, China, to build its urban blockchain digital infrastructure system between 2023 and 2025. Forbes highlights that this strategy is an essential component of Shanghai’s strategic objective to digitally change itself and improve the use of blockchain technology in public services, the economy, and urban administration.

The strategy aims to leverage the advances made in standard system construction and blockchain core technology, which have given rise to a robust industry ecosystem and substantial innovation momentum.

Furthermore, Shanghai’s plan reflects China’s determination to become a global leader in technology innovation and economic leadership, according to Forbes. The nation’s achievement in launching the e-Yuan, the central bank’s digital currency, further cemented its standing as a pioneer in the field of digital currencies.

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The post China Taps on Conflux to Launch Blockchain Project for Belt and Road Initiative appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am