June 24, 2024
Latest Cryptocurrency News

China Launches New Blockchain Platform Amid Crypto Regulations

The Chinese government has introduced a public blockchain infrastructure platform headed by Conflux Network. This pioneering initiative, called the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,” aims to create a basic blockchain architecture for cross-border applications.

Conflux Network Spearheads Innovative Initiative

Conflux Network announced the platform in an April 1 post, intending to facilitate cross-border cooperation projects along the Belt and Road Initiative, as well as providing a solid framework for developing applications that promote international collaboration. According to the Conflux Network post, the enedeavor demonstrates a dedication to using blockchain technology to improve connectivity and efficiency across multiple locations.

Crypto Flourishes Amid Regulatory Clampdown

Despite China’s strict regulatory position on cryptocurrencies, the construction of the blockchain infrastructure platform demonstrates the country’s continuous commitment to encouraging blockchain innovation. China’s regulatory tactics against cryptocurrency trading and mining have been publicly chronicled since 2021, but the most recent move implies a more nuanced approach to blockchain technology itself.

Recent data from a December 2023 report by Kyros Ventures reveals that despite the ban on crypto trading, a substantial portion of Chinese investors hold significant amounts of stablecoins. This indicates a resilient crypto ecosystem within China, with traders finding alternative avenues to engage with digital assets.

China Eyes Stricter AML Regulations for Cryptocurrency

Against the backdrop of increasing cryptocurrency-related activities, China is poised to introduce significant amendments to its Anti-Money Laundering (AML) regulations. The proposed revisions aim to address concerns surrounding crypto-related money laundering, reflecting China’s commitment to strengthening financial oversight in the digital age.

The move comes amidst reports of virtual currency trading platforms facilitating illicit financial operations, underscoring the need for enhanced regulatory scrutiny. With the forthcoming amendments, China seeks to reinforce its regulatory framework to mitigate risks associated with cryptocurrency transactions, signaling a proactive stance towards combating financial crime in the digital realm.

Image by Michael Christen from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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