China's BSN blockchain network plans multinational CBDC pilot in 2021

Monday 18 January 2021 10:49 CET | News

China’s Blockchain-based Service Network (BSN) has outlined a plan for a global network that will support future central bank digital currencies (CBDC) from multiple countries.

The network aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. However, according to Ledger Insights, the plan does not mention China’s digital yuan or eCNY.

BSN is trying to support and interconnect multiple public and private blockchains in its international network. At the moment, the Chinese version of the network supports only enterprise blockchains (that offers SMEs services similar to cloud-hosting).

Given that context, it needs to support payments. The aim with UDPN is to develop a payments API for any business or consumer application that needs to make a payment using the network. If the BSN manages to fulfil its aim of having its network adopted at scale, it could have a significant role in setting the standards used by others, not just in China, the BSN blog post mentiones.

The BSN was launched by China’s State Information Center (SIC), China Mobile, UnionPay, Smart Government, and Red Date Technology, which is coordinating the international rollout.

To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs.

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Keywords: Blockchain-based Service Network, API, CBDC, China, BSN, blockchain, payments , digital yuan
Categories: DeFi & Crypto & Web3
Countries: China
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DeFi & Crypto & Web3