Conflux Network to pilot Renminbi (RMB) Stablecoin in Shanghai Free Trade Zone for Cross-Border Payments
On September 15, Shanghai Maritime University announced the launch of Shanghai ShuTu Blockchain Research Institute, a branch of the Conflux Tree-Graph Institute for blockchain R&D. The institute will promote the application of blockchain technology in the Shanghai Free Trade Zone, including exploration of cross border trading with the offshore Renminbi (RMB)stable coin.
As part of China’s 5-year plan, Shanghai will be the central focus of global free trade and shipping in China. In July the Government of China granted Shanghai permission to explore free trade with an offshore RMB stablecoin; the only free trade zone in China to pilot trade with RMB.
Conflux Network, as China’s only regulatory compliant public blockchain, has strategically positioned its newest R&D center in Shanghai for this purpose, to work in close collaboration with key players in the region.
It is understood that Shanghai Tree-Graph Block Chain Research Institute has completely independent intellectual property rights. The Conflux public blockchain has achieved global dynamic consensus node number. An improvement on technology that has come before, Conflux is considered a third generation public chain — the system performance is the world’s first, proven to process more than 3000 transactions per second, a speed 428x the performance of bitcoin, and 75x the speed of the ethereum blockchain.
The new R&D Institute plans to carry out research and application in four aspects:
- Relying on the port openness and Conflux public chain, carrying out the exploration and practice of the construction of international payment channel for offshore RMB built on Conflux
- Combining their own exploration and technological advantages, leading or participating in the construction of a free trade financial blockchain standard system
- Building shipping blockchain technology standards and shaping the new shipping ecology
- Developing technological ecology to fully enable industry and enterprise successs
Song Baoru, Party Secretary of Shanghai Maritime University, commented “We hope to take this cooperation as a starting point, give full play to the advantages of both sides in technology and resources, closely follow the development of the new area, strengthen the forward-looking research of our opening strategy, expand the application field of shipping block chain technology, and help shape the new shipping ecology.”
Dr. Fan Long, founder of public blockchain Conflux Network and president of Shanghai ShuTu Blockchain Research Institute, said that “Shanghai’s strategic positioning of building a financial and shipping center, in order to accelerate the application of blockchain technology in cross-border finance, shipping and other fields, will promote the use of blockchain technology and lead the exploration toward financial reform. This plays a role in industrial development and provides strategic long term opportunities.”
Shanghai Maritime University (SMU) is a 112-year history, multi-disciplinary and applied research university featuring shipping, logistics and oceanography. The university’s engineering discipline ranks in the top 1% of ESI in the world, while port and shipping logistics discipline remains the world’s leading one.
Please note the Renminbi (RMB)is China’s official currency, so offshore digital RMB is unregulated and decentralized on Conflux, while the e-Yuan is the unit of the currency centralized through the People’s Bank of China.
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