The Chinese government is reportedly launching an “ultra-large-scale blockchain infrastructure platform for the Belt and Road Initiative.” The platform will support the implementation of cross-border cooperation projects along the Belt and Road Initiative and provide the base for developing applications that showcase collaboration across borders.

‘Ultra-Large Scale Blockchain Infrastructure Platform’

The Chinese government has reportedly launched a blockchain project titled “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” China’s Belt and Road Initiative (BRI) is a global infrastructure development strategy aiming to connect continents through trade routes.

The project is led by Conflux Network, according to crypto journalist Colin Wu. Conflux held a meeting on March 30 with project leads and participants to share its implementation plan. Experts from the Industrial Development Promotion Center of China’s Ministry of Industry and Information Technology and the Science and Technology Commission of Shanghai Municipality also attended the meeting.

Conflux explained on X Monday that the main focus of the project is to “create a public blockchain infrastructure platform” to “support the implementation of cross-border cooperation projects along the Belt and Road Initiative.” Moreover, the platform will act as the foundation for applications promoting seamless collaboration across borders.

The project is also led by Shanghai Shutu Blockchain Research Institute, with participation from China Academy of Information and Communications Technology, Shanghai Jiao Tong University, Fudan University, and Shanghai Maritime University.

Wu opined in a follow-up post on X: “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.”

Source : Bitcoin.com News / Apr 4, 2024