China Launches New Blockchain Infrastructure Platform
The Chinese government has rolled out a novel public blockchain infrastructure platform spearheaded by Conflux Network, geared towards bolstering cross-border applications.
Named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” this initiative aims to foster collaboration along the Belt and Road Initiative through a public blockchain framework.
Managed by the Conflux Foundation, known as the Shanghai Tree-Graph Blockchain Research Institute, Conflux Network operates this multichain blockchain ecosystem.
Despite China’s historical skepticism towards cryptocurrencies, this governmental initiative signifies a departure from its rigid stance. Since 2017, China has implemented stringent measures to regulate the crypto sector, including the closure of domestic Bitcoin exchanges. Yet, a Vietnamese venture capital firm’s report revealed that 33.3% of Chinese investors still hold significant stablecoin reserves, trailing only behind Vietnam.
Amidst regulatory hurdles, Chinese traders have found ways to navigate the crypto ban, largely favoring centralized crypto exchanges. In 2021, Beijing escalated its crackdown by prohibiting crypto trading and mining, alongside banning offshore exchanges. Prior to this crackdown, China dominated a substantial portion of the global Bitcoin mining hash rate.
READ MORE: Cardano Founder Emphasizes Blockchain Sustainability
In response to growing concerns about money laundering, China is poised to amend its Anti-Money Laundering (AML) regulations to encompass cryptocurrency transactions. This amendment, the first of its kind since 2007, seeks to enforce stricter measures against crypto-related money laundering activities.
Recent reports have shed light on the role of “virtual currency trading platforms” in facilitating a $2.2 billion underground banking operation to circumvent the country’s forex restrictions.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
