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Home Latest News Policy and regulation China’s Blockchain Attempt BSN to Allegedly Integrate CBDCs This Year

China’s Blockchain Attempt BSN to Allegedly Integrate CBDCs This Year

China is preparing a consequent major take on blockchain adoption. The country is developing a new project aimed at integrating international central bank digital currencies (CBDC) as a part of their recent blockchain endeavor, the BSN.

The country’s national blockchain project, Blockchain Service Network (BSN), has featured another task on its way to adopting blockchain network and more standardized forms of digital currency transfer practices. In 2021, the BSN will focus on building a universal digital payment network (UDPN), according to a recent publication.

According to Cryptopotato, CBDCs are expected to basically change traditional currencies’ current payment methods. They might also improve resilience and notably increase the global circulation of commodities and cross-currency settlement.

Plans include BSN building the UPDN in five years, based on the CBDCs of different countries, working with a number of international banks and technology companies. Through the network, information systems, such as banking, insurance, mobile applications, and ERP could contact UPDN services to engage a standardized digital currency transfer method and payment process, with the essence of a cost-friendly global payment solution.

UDPN is still in its design stage, and its beta version will launch in the second half of this year.

Alongside the UPDN, the BSN will push further towards an ambitious 2021 roadmap. Among its additional project, there will also be a focus on further expanding the BSN network, promoting its platform, and prospering its ecosystem.

Throughout the year, the BSN Development Association will engage a detailed training system in China to educate more individuals and organizations to embed blockchain technologies into traditional information systems. Therefore, to make the real economy more cost-friendly and encourage a new stage of technological innovation.

China’s bold steps towards national blockchain and cryptocurrency implementation seem far more vigorous compared to other countries. The Blockchain Service Network is, however, one of the country’s most aspiring endeavors, and proof that soon the nation might effectively integrate the blockchain system further into everyday economic life.

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