Conflux Announced Offshore Yuan Stablecoin: Is It AxCNH or Something New?
Conflux, a Chinese blockchain, unveiled a new stablecoin backed by the offshore Chinese yuan and revealed the third iteration of its public network. Conflux made the announcements at a three-day conference over the weekend, the Shanghai city government reported on Sunday. In order to facilitate the introduction of an offshore stablecoin backed by yuan, Conflux announced at the event a collaboration with financial company AnchorX and IT security company Eastcompeace.
The announcement comes after the Astana Financial Services Authority, Kazakhstan’s regulatory body, granted AnchorX in-principle approval for its yuan-pegged stablecoin AxCNH in late February. It’s unclear, though, if Conflux’s stablecoin is AxCNH or another initiative.
Conflux Teams Up With TokenPocket to Launch Stablecoin for Belt and Road Nations
Conflux also collaborated with TokenPocket, a cryptocurrency wallet, to advertise the stablecoin to its customers. The wallet’s team announced that, in collaboration with Conflux and AnchorX, the company would begin trial projects in Central Asia, Southeast Asia, and other strategic areas.
The new stablecoin is intended for use by nations participating in China’s Belt and Road Initiative as well as offshore Chinese enterprises. According to Conflux, the study will also investigate real-world asset uses. China unveiled the Belt and Road Initiative, a worldwide economic and infrastructure plan, in 2013 as part of its attempts to expand its influence abroad. Through the construction of roads, railroads, ports, and digital infrastructure, the project seeks to link Asia, Africa, and Europe via land and sea trade routes, fostering international investment and trade.
Conflux Enters China’s Stablecoin Race as Regulatory Tone Begins to Shift
The newest contender in the Chinese stablecoin competition is Conflux’s stablecoin. Mainland China’s stance on cryptocurrency is notoriously one of the most stringent. Recent reports, however, suggest that the nation is reevaluating its position on stablecoins. The Shanghai State-owned Assets Supervision and Administration Commission met earlier this month to talk about how to respond strategically to stablecoins. He Qing, the director of the regulator, demanded more research on digital currencies and increased awareness of new technologies following the meeting.
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