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Despite Crypto Ban, China Embraces Blockchain for Belt and Road Initiative


China has officially launched a blockchain infrastructure to streamline and enhance collaborative initiatives along the Belt and Road trade routes.

The ambitious project was unveiled on March 30 during a demonstration meeting at the Shanghai Tree Map Blockchain Research Institute.

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Through its official WeChat account, the Shanghai Tree Map Blockchain Research Institute announced that it spearheaded this key infrastructure development. It received collaborative support from several prominent institutions, including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University, and the China Academy of Information and Communications Technology.

This blockchain project from the government of China takes a transnational approach, addressing the unique characteristics and demands of the Belt and Road Initiative’s cooperative framework. The primary objective of this project is to develop an advanced blockchain platform capable of deployment across multiple countries. Additionally, the goal is to enable collaborative oversight from various stakeholders.

The platform will support applications for economic, trade, and cultural exchanges. Experts assert that the project is strategically important for China’s global reach and influence expansion. Indeed, it signals China’s continued commitment to exploring the potential of blockchain technology and its applications in international cooperation and development.

“It should be noted that the Chinese government prohibits any institution from engaging in cryptocurrency activities, and the blockchain here should not include cryptocurrency and any tokens,” journalist Colin Wu wrote.

Although Conflux participated in the initiative, the recent announcement did not significantly push up the price of CFX, Conflux’s native token. According to BeInCrypto’s data, CFX is traded at $0.41 and has been down 13.27% for the last 24 hours.

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Conclusion

In conclusion, China’s launch of a blockchain infrastructure to facilitate collaborative initiatives along the Belt and Road trade routes marks a significant step in utilizing blockchain technology for international cooperation and development. Spearheaded by the Shanghai Tree Map Blockchain Research Institute with support from prominent institutions, this project aims to address the unique characteristics and demands of the Belt and Road Initiative. By focusing on economic, trade, and cultural exchanges, this initiative underscores China’s commitment to exploring the potential of blockchain technology on a global scale. Despite the involvement of Conflux in the project, the announcement did not have a significant impact on the price of CFX, indicating the market’s response to this development.

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