Chinese Gov’t Launches Public Blockchain Infrastructure Platform
The Chinese government has launched the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative” to support cross-border cooperation projects.
The Conflux Network, a multichain blockchain ecosystem, is a key player in this initiative. Despite China’s hostile attitude towards cryptocurrencies, 33.3% of Chinese investors hold a large amount of stablecoins, ranking them second to Vietnam with 58.6%.
Traders in mainland China have found ways to circumvent the ban on trading, with the majority trading on centralized crypto exchanges.
China is set to make a major amendment to its Anti-Money Laundering (AML) regulations to include cryptocurrency-related transactions, as the first major revision since 2007.
A December 24 report reportedly reported that “virtual currency trading platforms” helped facilitate a $2.2 billion underground banking operation to bypass the country’s forex restrictions.
(With inputs from Shikha Singh)
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