The Chinese attitude towards cryptocurrencies thus far appears to have been somewhat frosty. The country has announced bans of various aspects of the industry several times, and has spent significant efforts on restricting usage of cryptocurrencies, with some Chinese state broadcasters even going so far as to say that if Bitcoin succeeds “everyone will die”.
However, this attitude now appears to be changing as the technology develops and retail users come to better understand the space.
Moreover, the Chinese government has recognised that there are many advantages to the new technology on an international scale, even if it doesn’t perfectly square with their domestic interests – this has been demonstrated by their more liberal regulatory approach to ownership of Bitcoin in Hong Kong.
What is Coinflux?
Conflux, also known as the Shanghai Tree-Graph Blockchain Research Institute, is the only permissionless layer one blockchain that is fully compliant with the Chinese regulators, and which is tolerated in the country.
Conflux is a layer one blockchain that uses an unusual consensus model, combining proof of work and proof of stake.
CFX price has risen by 500% in the last week after Chinese telecom partnership
The value of CFX has risen by over 500% in a rally that appears to have been largely driven by retail speculators.
Last week it was reported that Conflux was partnering with the second largest wireless carrier (China Telecom, with over 390 million users) in China to develop blockchain enabled SIM cards.
China Telecom, 2nd largest wireless carrier in China (390+ million mobile subscribers), has partnered with Conflux to develop Blockchain-enabled SIM cards – BSIM! pic.twitter.com/LQxz34L432
— Conflux Network Official (@Conflux_Network) February 15, 2023
It remains to be seen how much this tech will be adopted over the coming years, but the rise of Conflux appears to be a largely positive move for the space as a whole, particularly when one considers the size of the country and the speed with which they are able to adopt new innovations.
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