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China Launches Blockchain Project For ‘Belt and Road Initiative: Reports

source-logo  bsc.news 01 April 2024 12:53, UTC

Despite the strict ban on cryptocurrency transactions and derivatives within its borders, China has announced a blockchain project for the "Belt and Road Initiative,” according to a recent report from Wu Blockchain.

Just In: The China govenment has launched a blockchain project titled "Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative". This project is led by Conflux Network. The main focus of the project is to create a public blockchain infrastructure…

— Wu Blockchain (@WuBlockchain) April 1, 2024

Known as the "Ultra Large-Scale Blockchain Infrastructure Platform for the Belt and Road Initiative," the project aims to redefine public blockchain infrastructure.

The project will be led by Conflux Network. It is important to note that the Chinese government prohibits any institution from engaging in cryptocurrency activities; therefore, any tokens and cryptocurrency should be excluded from the blockchain.

A Potential Model for Countries and Regions

China's Belt and Road Initiative aims to strengthen economic cooperation and connectivity along historical trade routes through global infrastructure development. By integrating blockchain technology into this initiative, the Chinese government wants to enhance transparency, efficiency, and security.

Experts anticipate that the successful implementation of this project could set an example for other countries and regions looking to leverage blockchain for similar purposes.

The announcement of the Ultra Large-Scale Blockchain Infrastructure Platform project has already sparked interest, with the price of CFX, Conflux Network's native token, experiencing a notable surge. Within minutes of the news going live, CFX, Conflux's native token, surged about 12%.

Last December, China announced it would use Blockchain technology to verify the real-name identities of 1.4 billion people, a move likely to raise privacy concerns. The initiative, called RealDID, was spearheaded by the Ministry of Public Security with support from a Blockchain-based Service Network (BSN).