skip to Main Content
bitcoin
Bitcoin (BTC) $ 95,048.47 1.27%
ethereum
Ethereum (ETH) $ 1,798.92 0.34%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.30 1.96%
bnb
BNB (BNB) $ 605.95 0.32%
solana
Solana (SOL) $ 147.89 0.33%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.17856 0.64%
cardano
Cardano (ADA) $ 0.702856 0.56%
tron
TRON (TRX) $ 0.248168 1.05%

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

The BSN expects to complete integrations with a total of 30 public blockchains this year.

Credit: Shutterstock

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

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.

  • The Chinese-state sanctioned BSN is currently designing a universal digital payment network (UDPN) over the next half decade. CBDCs from different nation-states 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.
Loading data ...
Comparison
View chart compare
View table compare
Back To Top