China’s BSN to Integrate Central Bank Digital Currency

Blockchain Service Network, a Chinese premier permissioned blockchain network for building decentralized applications and tokens expects to complete integrations with a total of 30 public blockchains this year.

Following the integration, BSN review plans on releasing a beta central bank digital currency (CBDC) before the second half of 2021 through a Jan. 15 blog post.

The blog post claimed the BSN is currently designing a universal digital payment network (UDPN) over the next half-decade. With UDPN, CBDCs from different nations will be supported by the network.

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.”

Although public city nodes according to the blog are being rolled out through China at various stages, the network is currently in the design stage.

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.

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