Following plans from China to establish a national blockchain network, the price of one altcoin experienced a sharp rise
The Chinese government’s decision to establish a national blockchain network across the country has attracted attention in the cryptocurrency market. Following the announcement, Conflux (CFX), a Chinese-linked blockchain project, experienced a sharp price increase
According to China’s official news agency Xinhua, the Central Committee of the Communist Party of China and the State Council have published a new 19-point policy document as part of the country’s economic development strategy. The document explicitly lists the establishment of a national blockchain network and a nationwide integrated computing infrastructure as key objectives
The new regulation aims to accelerate the integration of blockchain technology into the real economy. This includes plans for the digital transformation of the manufacturing sector, the development of smart manufacturing systems, strengthening the industrial internet infrastructure, and improving the national data infrastructure
Chinese authorities also aim to improve regulations regarding the determination of data ownership, data trading, and the distribution of economic rights. Making cross-border data flows more efficient and secure is also among the components of the new economic strategy
China’s announcement regarding its national blockchain network has increased investor interest in China-linked projects, resulting in a notable price movement for Conflux (CFX)
According to Binance data, CFX surged from around $0.0505 on October 10th to over $0.059. This represents a gain of approximately 17% compared to its intraday lows
CFX, trading at around $0.0582 at the time of writing, showed a recovery after a brief period of sharp selling
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