BSN to Integrate CBDC-Focused Cypherium Blockchain
Cypherium joins Ethereum, Hyperledger Fabric, Tezos and Solana, among others.
China’s Blockchain Services Network is integrating the Cypherium blockchain into its platform, according to a press release shared with CoinDesk.
- The BSN is a platform where developers can access development tools and deploy their decentralized applications. It has so far integrated the Ethereum, Hyperledger Fabric, Tezos, ConsenSys Quorum and Solana blockchains, among others. The network runs through cloud-based city nodes in China and abroad. The platform is split into a Chinese version and an overseas version.
- Cypherium is a layer 1 permissionless protocol that promises to enable exchanges of central bank digital currencies, stablecoins and cryptocurrencies like bitcoin. Being permissionless, it allows anyone to participate in its governance. That will likely be changed when it is integrated with the Chinese version of the BSN, which allows for only “open permissioned” chains to comply with Beijing’s regulations.
- Red Date Tech, the firm building the BSN, is reportedly working on its own CBDC and stablecoin-oriented blockchain.
- Earlier this week, the BSN’s architect announced it is launching access portals in Turkey and Uzbekistan.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.