Despite China’s strict anti-crypto stance, it is stepping up its efforts to build a massive blockchain network. The goal is to allow the Chinese government to participate in blockchain-related activities, especially in a cross-border environment. The Chinese government launched the “Belt and Road Hyperscale Blockchain Infrastructure Platform”. China announced its ambitious Belt and Road Initiative (BRI) in 2013, a global infrastructure development strategy that aims to connect land and sea continents.

The upcoming Chinese public blockchain platform project is led by Conflux Network and launched in Announce on Sunday. The network is a multi-chain blockchain system operated by the Conflux Foundation (also known as the Shanghai Treemap Blockchain Research Institute).

Conflux Network posted an update about the project on X (formerly Twitter), revealing that the platform will “provide a foundation for the development of applications that showcase cross-border collaboration.” No other details related to the project have been released.

This is not the first time China has shown interest in exploring the Web3 space. The Chinese government has recently hinted at its preparedness plans to deal with the development of virtual universe technology in the country.

In January 2024, the Chinese government established a specialized agency responsible for formulating standards for the use of virtual universe technology in China. The group is made up of several Chinese tech giants including Tencent, Baidu and Ant Group.

China is also leading the Asian market in CBDC trials entering an advanced stage, with international banks such as Standard Chartered also participating in the trials.

Although Beijing imposed a complete ban on cryptocurrency-related activities in September 2021 due to power shortages, underground networks of cryptocurrency traders have still managed to keep trading operations running.Vietnam investment capital company Kyros Ventures report in December 2023 claim Stablecoins are particularly popular in China, with 33.3% of Chinese investors holding these digital currencies.