Launch of a joint blockchain project between China and Conflux Network
Date: 2024-04-03 Author: Gabriel Deangelo Categories: IN WORLD
New phase of blockchain development
In March 2024, the Chinese government and Conflux Network announced the launch of a joint blockchain project aimed at supporting international initiatives under the Belt and Road program. The new blockchain platform is designed to rethink the public blockchain infrastructure in the country and become the basis for the development of global economic infrastructure.
Expansion of economic ties
The Belt and Road Initiative aims to strengthen economic cooperation between countries through the development of global infrastructure. China aims to improve the transparency, efficiency and security of blockchain technology through the development of a public blockchain platform.
CFX token rise
The announcement of the project aroused interest in the CFX token, which reacted to the news about the development of a public blockchain. The currency rose above $0.48, reflecting growing interest in blockchain technologies in the region.
This project is yet another in a series of Conflux Network initiatives in China. Previously, the team had already announced a blockchain-based L2 network and entered into a partnership to issue SIM cards on the blockchain.
Chinese regulations
Despite the active development of blockchain technologies, the Chinese government still restricts cryptocurrency-related activities in the country, confirming its position in regulating this sector.
Recently, 19 Chinese Bitcoin miners moved to Ethiopia, attracted by low electricity tariffs and friendly relations between the countries.
