How China Uses Blockchain Tech Despite Crypto Ban
China has officially launched a blockchain infrastructure to facilitate and improve cooperation initiatives along the Belt and Road trade routes.
The grand project was unveiled on March 30 at a showcase meeting held at the Treemap Blockchain Research Institute in Shanghai.
China has partnered with Conflux for its latest blockchain initiative.
The Shanghai Treemap Blockchain Research Institute announced on its official WeChat account that it has led the development of this key infrastructure. He has received cooperative support from many famous institutions, including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University, and China Academy of Information and Communication Technology.
This blockchain project from the Chinese government takes a cross-cutting approach, addressing the unique characteristics and needs of the Belt and Road Initiative cooperation framework. The main objective of this project is to develop an advanced blockchain platform that can be distributed across countries. Furthermore, the goal is to enable collaborative monitoring from different stakeholders.
Read more: Deploying Blockchain Infrastructure: Challenges and Solutions
The platform supports applications for economic, trade and cultural exchange. Experts say the project is strategically important for China's global reach and expansion. Indeed, it shows China's determination to explore the potential of blockchain technology and its applications in international cooperation and development.
Shanghai Tree Blockchain Research Institute is itself the developer behind the Conflux blockchain. However, given the Chinese government's ban on cryptocurrency, the partnership with Conflux excludes crypto-related activities.
“It is worth noting that the Chinese government prohibits any institution from participating in cryptocurrency activities, and the blockchain here should not include cryptocurrency and any tokens,” wrote journalist Colin Wu.
Although Conflux is involved in the initiative, the recent announcement has not significantly boosted the price of CFX, Conflux's native token. CFX traded at $0.41, down 13.27% in the last 24 hours, according to BeinCrypto data.
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