China Unveils Blockchain Project for Cross-border Applications

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  • China has launched a blockchain project to power cross-border applications
  • The project is an extension of the country’s Belt and Road Initiative
  • The project’s launch was in conjunction with Conflux Network

The Chinese government is expanding its blockchain exploration with the launch of a new project to power cross-border applications. Launched in collaboration with Conflux Network, the project is an extension of the country’s Belt and Road Initiative that seeks to connect Asia with Europe and Africa through land and sea to enhance regional integration. The project comes roughly a year after China announced a national blockchain center, a sign that the country is committed to exploring the decentralized world despite its hard stand on cryptocurrencies.

No Virtual Currencies Involved

Known as “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” the platform will be used to power applications whose contributors are scattered across borders. According to Coinflux, the project will be a public blockchain.

The project’s official launch was conducted on March 30 but Coinflux announced the news on April 1. The project will, however, not involve virtual currencies because the country already prohibits cryptocurrencies within its borders.

Three months ago, for example, China jailed Renrenbit founder Zhao Dong for seven years for facilitating crypto trading in the country. The country’s interest in blockchain technologies also involves other areas like the metaverse and web3.

The country has, for example, suggested the creation of metaverse-based digital identities that would be linked to its social credit system. China announced that it’ll invest roughly $42 million in a web3 innovation hub in Beijing.

China Explores NFTs

China also intends to explore the NFT market by creating a regulated collectibles’ marketplace. The country’s hard stand on crypto activities has forced companies like crypto mining equipment manufacturer Bitmain to stop selling its products to mainland China.

With China collaborating with Coinflux Network to expand Belt and Road Initiative’s reach, it’s evident that the country believes in the transformative power of blockchain technology.