Despite the ban on digital currencies, China is adopting blockchain as part of the Belt and Road Initiative.

China has officially launched blockchain infrastructure to streamline and strengthen cooperation initiatives along the Belt and Road trade routes.

This ambitious project was revealed on March 30 during a demo meeting at the Shanghai Block Chain Research Institute for Tree Mapping Research.

China collaborates with Conflux on its latest blockchain initiative

Through its official WeChat account, Announce Shanghai Tree Map's Shanghai Blockchain Research Institute led the development of this key infrastructure. It has received collaborative support from several leading institutions. Including Shanghai Jiao Tong University, Fudan University, Shanghai Maritime University and China Academy of Information and Communications Technology.

This Chinese government blockchain project takes a transnational approach and meets the unique characteristics and requirements of the cooperative framework of the Belt and Road Initiative. The main objective of this project is to develop an advanced blockchain platform capable of deployment in multiple countries. In addition, the objective is to enable collaborative monitoring by different stakeholders.

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Although Conflux is participating in the initiative, the recent announcement did not significantly increase the price of CFX, Conflux's native token. According to data from BeInCrypto, CFX is trading at $0.41 and is down 13.27% in the last 24 hours.