Cryptocurrencies

China’s Blockchain-Based Service Network to Integrate Central Bank Digital Currency

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China’s Blockchain-based Service Network (BSN) – a permissioned blockchain network for building decentralized applications and tokens – plans on releasing a beta central bank digital currency (CBDC) as early as the second half of 2021, according to a Jan. 15 blog post.

  • The Chinese-state-sanctioned BSN is currently designing a universal digital payment network (UDPN) over the next half-decade. CBDCs from different nations will be supported by the network, the blog claims.
  • The UDPN network will be available through API connection as well for “any information system such as banking, insurance, ERP, and mobile applications … to enable a standardized digital currency transfer method and payment procedure.”
  • The network is currently in the design stage, although public city nodes (PCN) are being rolled out through China in various states of completion, the blog states.
  • As CoinDesk reported, the BSN recently incorporated connections to multiple public projects into its network such as the cloud-computing project Oasis, meta-protocol Polkadot and China-based public blockchain Bityuan.
  • The BSN further expects to complete integrations with a total of 30 public blockchains this year, the blog concludes.

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