Conflux Network collaborates with Chinese government to unveil public blockchain infrastructure platform

The Conflux Network, operated by the Conflux Foundation, has announced the launch of a new public blockchain infrastructure platform in China. The platform, named “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” is designed to provide a public blockchain for cross-border applications. This move comes in spite of the Chinese government’s strict stance on cryptocurrencies, with the ban on crypto trading and mining in 2021. However, Chinese investors still hold a significant amount of stablecoins, placing them second only to Vietnam. While Beijing has cracked down on crypto-related activities, traders in mainland China have found ways to bypass the ban by using centralized crypto exchanges. In addition, China is planning to make a major amendment to its Anti-Money Laundering regulations to include cryptocurrency-related transactions, aiming to impose stricter guidelines to combat crypto-related money laundering. It is worth noting that the ban on crypto trading in China has led to an increase in the carbon emission of the Bitcoin network.