China Unveils Blockchain Platform for Belt and Road Initiative Amid AML Regulations Overhaul

The Chinese government has launched a new public blockchain infrastructure platform led by Conflux Network, a multichain blockchain ecosystem under the Conflux Foundation. The platform, called the 'Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative,' aims to provide a foundation for cross-border applications on a public blockchain.

The main objective of this project is to establish a robust public blockchain infrastructure that supports the implementation of cross-border cooperation projects aligned with the Belt and Road Initiative. The platform will foster collaboration and enable the development of applications that demonstrate seamless cooperation across international borders.

This move comes as China prepares to make significant amendments to its Anti-Money Laundering (AML) regulations, imposing stricter guidelines on cryptocurrency-related transactions to combat money laundering. Recent reports have indicated that virtual currency trading platforms facilitated an underground banking operation worth $2.2 billion, evading the country's foreign exchange restrictions.