• China defies its anti-crypto stance by launching a blockchain project for the Belt and Road Initiative.
  • The project, led by Conflux Network, seeks to develop a public blockchain infrastructure to support and showcase cross-border collaborative projects.

China is known for its stringent anti-crypto policies. However, in a recent move, the nation seems to be defying its own policies. 

According to crypto journalist Colin Wu, the Chinese government has launched a blockchain project named the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” The Belt and Road Initiative (BRI) by China is a worldwide strategy for infrastructure development designed to link continents via trade pathways.

Led by blockchain platform Conflux Network, the objective of the project is to facilitate active participation by the Chinese government in blockchain-related activities, with a special focus on cross-border initiatives.

“The main focus of the project is to create a public blockchain infrastructure platform. This platform will be able to support the implementation of cross-border cooperation projects along the Belt and Road Initiative,” wrote Conflux Network in a post on X (formerly Twitter). “It will provide the base for developing applications that showcase collaboration across borders.”

Additionally, Wu also stated in a follow-up post that the Chinese government prohibits any institution from participating in cryptocurrency activities, emphasizing that the blockchain in question does not involve cryptocurrencies or any tokens.

Edited by Harshajit Sarmah