Despite China's generally unfavorable stance towards cryptocurrencies, the government has unveiled a significant blockchain initiative.

This new development sees the introduction of a public blockchain infrastructure platform, which is spearheaded by Conflux Network.

This platform, named the "Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative," is designed to serve as the foundational public blockchain for various cross-border applications.

Conflux Network, directed by the Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, underpins this multi-chain blockchain ecosystem.

This initiative marks a notable advancement in China's approach to blockchain technology, aligning with its broader Belt and Road Initiative, despite the country's previously sceptical view of the cryptocurrency sector.