The Chinese government has introduced a new public blockchain infrastructure platform led by Conflux Network, a multichain blockchain ecosystem under the Conflux Foundation. The platform, called the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” has been designed to provide a foundation for cross-border applications on a public blockchain.
According to Conflux Network, the main objective of this project is to establish a robust public blockchain infrastructure that supports the implementation of cross-border cooperation projects aligned with the Belt and Road Initiative. The platform aims to foster collaboration and enable the development of applications that demonstrate seamless cooperation across international borders.
As calls for greater scrutiny of the crypto industry persist, China is preparing to make a significant amendment to its Anti-Money Laundering (AML) regulations. This amendment, the first major revision since 2007, aims to impose stricter guidelines on cryptocurrency-related transactions to combat money laundering. Recent reports have indicated that “virtual currency trading platforms” facilitated an underground banking operation worth $2.2 billion, evading the country’s foreign exchange restrictions.
The Chinese government’s foray into blockchain infrastructure comes despite its previous strict stance on cryptocurrencies. China began tightening its control over the crypto industry in 2017, leading to the closure of local Bitcoin exchanges. In 2021, Beijing further intensified the crackdown on cryptocurrencies by banning trading and mining and prohibiting offshore exchanges from operating within the country. Prior to these measures, China controlled a significant portion of the global Bitcoin mining hashing power.
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