On the 1st, the Chinese government announced that it will launch a blockchain project as part of the "One Belt, One Road" policy initiative. The project will be led by public blockchain company Conflux Network.
According to Chinese blockchain media Wu Blockchain, a blockchain project named "Super Large Blockchain Infrastructure Platform for the Belt and Road Initiative" has been launched.
The goal of the project is to develop a public blockchain infrastructure platform that complies with Chinese regulations. In addition, taking into account the Chinese government's policy, it appears that this blockchain project will not use crypto assets (virtual currencies).
China is known as one of the countries that has the strictest crackdown on crypto assets. However, according to a report by Vietnamese venture capital firm Kyros Ventures, more than 30% of Chinese investors hold stable coins.
Conflux said, "We will be able to support cross-border projects in line with the Belt and Road Initiative. This will provide a development platform for applications that demonstrate cross-border cooperation."
China shows its commitment to blockchain
The Conflux-led blockchain project comes as China seeks to achieve sovereignty in the blockchain space.
Shanghai has already released a detailed implementation plan for building a blockchain-based system in urban areas between 2023 and 2025.
Forbes points out that this plan will be a key element of Shanghai's strategic goal of digitally transforming and strengthening the application of blockchain in public services, the economy, and government administration.
In addition, in December last year, the Ministry of Science and Technology of China announced its intention to promote Web 3.0 using blockchain and NFTs. It described the development of the Web 3.0 industry as "important" and mentioned the need to strengthen financial support and establish regulations and management systems.
Reference:Chinese government announcement,Conflux announcement
Image: Shutterstock
Related articles
China announces promotion of Web 3.0, focusing on the use of NFTs, dApps, etc.
U.S. House of Representatives committee unanimously passes "Blockchain Adoption Bill"
![[NEW] Chinese government launches blockchain project for "One Belt, One Road" initiative](/_next/image?url=https%3A%2F%2Fimages.microcms-assets.io%2Fassets%2F7819a9cf917e4bcd862bfa2ff5f14d24%2F9009cf47eda24f6f96346406a25fb7b4%2Fch_2368430553.jpg%3Ffm%3Dwebp&w=3840&q=75)
