Key Highlights:
- China teams up with Conflux Network to launch a massive blockchain platform for international cooperation.
- Despite strict bans, crypto trading finds a way to thrive in China.
Yello ParadiseSquad! Here’s a fresh update from the tech world that’s both surprising and intriguing! In a twist that seems to defy its own rules, the Chinese government has just rolled out a grand new blockchain platform. They’re partnering with Conflux Network for this venture, focusing on creating a solid blockchain foundation for cross-border projects, particularly under the “Belt and Road Initiative.” This initiative is all about stitching together a web of technological cooperation across countries.
What’s the Big Idea?
This new platform, impressively named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” is set to be the backbone for developing applications that can play nicely across international lines. The Conflux Network, operated by the Conflux Foundation (a.k.a. the Shanghai Tree-Graph Blockchain Research Institute), is spearheading this ambitious project.
Crypto: The Unstoppable Force in China
Despite China’s tough stance on cryptocurrencies, banning crypto trading and mining since 2017 and tightening the screws in 2021, the crypto spirit in China remains unbroken. Surprisingly, a significant chunk of Chinese investors still holds a hefty stash of stablecoins, ranking second only to Vietnam in terms of ownership. This defiance showcases the clever ways traders continue to engage with crypto, favoring centralized exchanges to keep the crypto flame alive.
A Crackdown with a Twist
Even as Beijing put the brakes on crypto trading and mining, aiming to extinguish the crypto buzz within its borders, the country boasted a dominating share of Bitcoin mining power pre-crackdown. And now, with an eye on tightening its financial security, China is looking to revamp its Anti-Money Laundering (AML) laws for the first time since 2007. This major legal facelift will bring cryptocurrency transactions under its purview, signaling a nuanced approach to dealing with digital currencies amid global calls for regulatory clarity.
So, ParadiseSquad, as we watch China navigate the complex waters of blockchain innovation and crypto regulation, it’s clear that the journey towards a tech-forward future is full of surprises. Stay tuned for how this unfolds, and let’s see where this blockchain road leads!
