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.

Jan 17, 2021 at 9:43 p.m. UTC
Updated Sep 14, 2021 at 10:57 a.m. UTC

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 post.

  • The Chinese-state-sanctioned BSN is currently designing a universal digital payment network (UDPN) over the next half-decade. CBDCs from different nations 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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
Terra’s LUNA Gains, Then Slides, After Do Kwon's Fork Proposal

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

2
Breaking Barriers to the Web 3 Creator Economy

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

3
How Not to Run a Cryptocurrency Exchange

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

4
Morgan Stanley Warns NFTs Next to Watch After UST Collapse, Bukele Announces Mega Banks Meeting in El Salvador

The most valuable crypto stories for Monday, May 16, 2022.

The most valuable crypto stories for Monday, May 16, 2022.