China Unveils Conflux Network-Led Blockchain Initiative for Belt and Road Transactions
TLDR:
- China unveils “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” led by Conflux Network.
- The initiative aims to leverage blockchain for secure cross-border transactions and collaborative supervision.
- Conflux Network recently beta-tested AxHKD stablecoin, demonstrating its role as a regulatory-compliant public blockchain in China.
China has announced a pioneering initiative spearheaded by Conflux Network on April 1, termed the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative”, marking a significant stride in utilizing blockchain for facilitating secure cross-border transactions.
Revealed through an X post by Conflux Network, the initiative underscores China’s commitment to harnessing blockchain technology for seamless international transactions.
As per local sources, the Shanghai Tree Graph Blockchain Research Institute hosted a launch event and demonstration meeting on March 30 for the national research and development project titled “Ultra-large-scale Blockchain Basic Platform for the ‘Belt and Road,'” executed on Conflux Network.
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. It will provide the base for developing applications that… https://t.co/MkWgRY2G8A
— Conflux Network Official (@Conflux_Network) April 1, 2024
Led by the Shanghai Shutu Blockchain Research Institute, the initiative saw active involvement from esteemed institutions such as the China Academy of Information and Communications Technology, Shanghai Jiao Tong University, Fudan University, and Shanghai Maritime University, among others.
The event attracted key figures from entities like the Industrial Development Promotion Center of the Ministry of Industry and Information Technology and the Shanghai Science and Technology Commission, along with members of the project’s consulting expert group and various participants.
The primary aim of the initiative is to cater to the distinctive characteristics and needs of the Belt and Road transnational cooperation scenario.
It aims to develop an advanced blockchain primary platform capable of supporting multi-country deployment and enabling collaborative supervision across multiple entities.
Additionally, it seeks to utilize this platform as a basis for demonstrating applications of cross-border cooperation in economic, trade, and cultural spheres.
Introducing AxHKD, the Hong Kong Dollar-backed stablecoin!
— Conflux Network Official (@Conflux_Network) March 8, 2024
Conflux is facilitating the beta-testing of the Hong Kong Dollar-backed stablecoin, AxHKD, on its platform.@AnchorX_Ltd aims to dominate Asia's digital currency landscape by delivering reliable global exchanges. AxHKD… pic.twitter.com/4RGpQ8uMH7
In March, Conflux Network, a multichain blockchain ecosystem operated by the Conflux Foundation (Shanghai Tree-Graph Blockchain Research Institute), played a pivotal role in beta-testing the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD.
This stablecoin, developed by local fintech company AnchorX, is slated for initial launch on Conflux Network, followed by Ethereum. Notably, Conflux Network holds the distinction of being the sole regulatory-compliant public blockchain in China.
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