The Chinese government has introduced a new public blockchain infrastructure platform in collaboration with Conflux Network. This platform, named "Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative," is designed to support cross-border applications. The aim is to create a foundation for developing applications that promote collaborations across borders.

Conflux Network is a multichain blockchain ecosystem managed by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute. Despite China's strict stance on cryptocurrencies, the government is pushing towards the implementation of blockchain initiatives. China's crackdown on crypto trading and mining has not deterred Chinese investors, with a significant percentage still holding stablecoins.

Chinese traders have adapted to the ban on trading by utilizing centralized crypto exchanges. China is now making substantial amendments to its Anti-Money Laundering regulations to include crypto-related transactions, aiming to prevent money laundering activities in the cryptocurrency space. Amid these changes, reports indicate that some virtual currency trading platforms have been involved in illicit activities to bypass forex restrictions.