China is launching a large-scale Web3 infrastructure project based on the Conflux Network blockchain as part of the “Belt and Road Initiative” international cooperation program.
A meeting was held at the Shanghai research institute to launch the national research and development plan in the field of blockchain technologies. One of the main points of the program is the implementation of the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” project, led by the Conflux Network team.
Conflux Network is a multi-chain protocol that allows disparate blockchain networks to be unified into a single ecosystem. The project is managed by the non-profit organization Conflux Foundation, registered in Singapore, which closely collaborates with Chinese government research institutions working in the field of blockchain technologies.
Representatives of Conflux Network commented on the initiative, stating that the project will focus on creating a public blockchain network for use within the “Belt and Road Initiative.” The decentralized infrastructure being developed is intended to serve as the foundation for implementing cross-border cooperation projects in the fields of economy, trade, and culture.
Despite the official ban on cryptocurrencies in the country, investors from China are investing significant amounts in digital assets. At the same time, Chinese authorities are implementing large-scale projects in areas such as CBDC, Metaverse, NFT, and other DLT sectors.
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