China’s Blockchain-Based Service Network to Integrate Central Bank Digital Currency

China’s Blockchain-Based Service :- China’s Blockchain-based services network (BSN), a blockchain network authorized to create decentralized applications and tokens, plans to launch a central bank beta digital currency (CBDC) as of the second half of 2021, according to a January 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 countries will be supported by the network, the blog states.

The UDPN network will be available through the API connection also for “any information system such as banking, insurance, ERP and mobile applications to allow a standardized digital currency transfer method and a payment procedure.”

China’s Blockchain-Based Service

The network is currently in the design stage, although public city nodes (PCNs) are being deployed in China in several completion states, according to the blog.

As CoinDesk reported, the BSN recently incorporated connections to multiple public projects on its network, such as the Oasis cloud computing project, the Polkadot meta-protocol, and the China Bityuan-based public blockchain.

The BSN also hopes to complete integrations with a total of 30 public blockchains this year, the blog concludes.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.