Shanghai will use Conflux’s permissionless Blockchain infrastructure to test an offshore yuan stablecoin in the city’s Lingang Pilot Free Trade Zone, according to a recent press release. As a result of this news, Conflux’s altcoin project CFX has seen a serious rise. Here are the details…
Conflux selected for stablecoin testing in China
Shanghai Maritime University announced the launch of Shanghai ShuTu Blockchain Research Institute, a branch of the Conflux Tree-Graph Blockchain R&D Institute. The institute will promote the implementation of Blockchain technology in the Shanghai Free Trade Zone, including the exploration of cross-border trade with the offshore Renminbi (RMB) stablecoin. cryptocoin.com As we have also reported, the Shanghai government invested $5 million in Conflux in January.
The new R&D institute plans to conduct research and application on various substances. These include initially building, exploring and implementing an international payment channel for offshore RMB based on Conflux. In addition, the institute plans to lead or participate in the construction of a free trade financial blockchain standard system, combining its own discoveries and technological advantages. In addition, it is desired to establish a Blockchain technology standard for transportation and to shape the transportation ecology.
Altcoin price rose sharply
Following these news from China, the value of Conflux’s CFX token skyrocketed. CFX has gained 145% in the last 24 hours. CFX, which was traded at $ 0.26 during the day, rose to the levels of $ 0.76. At the time of writing, it has been withdrawn to the level of $ 0.64.
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