Conflux Network's Brave Move in China's Blockchain Scene: Will it Silence the Cryptocurrency Critics?

In a surprising move, China has announced a partnership with Conflux Network to establish a dialogue blockchain infrastructure system, despite its stringent stance on cryptocurrencies. This initiative aims to bolster the Belt and Road initiative, marking a significant shift towards blockchain technology in China's economic landscape.

China Advances Belt and Road Blockchain Network, 'Cosmos System' on Conflux Network Promotes International Cooperation

A fundamental objective of this initiative is to create an integrated public blockchain network to facilitate collaboration among Belt and Road member countries. The platform leverages blockchain technology to foster global cooperation and support decentralized applications, transcending geographical barriers.

At the heart of this endeavor lies the Cosmos System, operating primarily on the Conflux Network. Supported by the cutting-edge Shanghai Tree-Graph Blockchain Study Institute, this system demonstrates China's capacity to utilize domestically developed blockchain technology for strategic purposes.

China Cracks Down on Cryptocurrency Activities While Advancing Blockchain Network Construction

China's push for a public blockchain network occurs amidst its regulatory crackdown on cryptocurrencies. Despite stringent measures to limit crypto activities, Chinese investors continue to explore alternative avenues, revealing the complex interplay between regulatory policies and public enthusiasm for cryptocurrencies.

Beijing authorities are responding to crypto threats by amending Anti-Money Laundering regulations to encompass virtual currencies. These amendments aim to mitigate risks associated with cryptocurrencies and harness the potential of blockchain technology for global economic growth.