Monday, September 27, 2021
Home Crypto News Market China's State-Backed Blockchain Project Has Unveiled A New Plan For Central Bank...

China’s State-Backed Blockchain Project Has Unveiled A New Plan For Central Bank Digital Currencies

- Advertisement -

China’s state-backed blockchain project has unveiled a new plan for  central bank digital currency (CBDC). Blockchain-based Service Network (BSN), which combines different blockchain networks under one roof, aims to bring CBDCs together on a single platform in the future.

Blockchain based Service Network (BSN) is a blockchain project established with the support of companies such as China UnionPay, China Mobile, China Merchants Bank. BSN receives government support as well as private companies. According to Coindesk editor David Pan, the BSN project is a proof that ”China wants to be a superpower on blockchain”.


The central bank, the European Central Bank, the Fed, the Central Bank of Russia, the Central Bank of China and many other different banks are aiming to develop their own digital money. The goal of the BSN team in China is to combine these different CBDCs, which are supposed to be produced, into one roof.

Read: Mobile Money And Bkash Have Joined The Ripplenet Network

BSN will collaborate with international banks and technology firms to try to develop a universal digital payment network where digital currency produced by different states can be included at one place. It is announced such a payment network will be used for many different purposes, from banking to insurance.

BSN team announced that this framework is in the design stage, beta work will begin in the second half of 2021. And work is expected to continue until 2026.

Blockchain-based Service Network was launched in October 2019. Xinhua reported at the time of launch, that the main goal of the project was to improve the concepts of smart city and digital economy. The project is known to be overseen by private companies as well as the State Intelligence Center in China.

BSN uses not only blockchain, but also technologies such as 5G, artificial intelligence, Internet of things. The project aims to reduce the costs of small and medium-sized enterprises under the Smart City roof and to extend the use of commercial blockchain to wider scale.

BSN is known to integrate Tezos, NEO, Nervos, EOS, IRISnet and Ethereum networks into BSN on a global scale. Developers working on these networks can transfer their work to BSN to develop DApp (Decentralized Application).

- Advertisement -
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

President Nayib Bukele: “Chivo Is Not A Bank, But In Less Than 3 Weeks, It Now Has More Users Than Any Bank In El...

Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied...

PortAventura World With 5.2 Million Yearly Visitors Becomes the First Theme Resort to Accept Bitcoin as Payment at the Hotels

The Spanish amusement and leisure park - PortAventura World - would be the first in its field to add bitcoin payments. The initiative would...

Currency.com reports 130% client growth in 1H 2021

Gibraltar, -, 27th September, 2021, Trading volumes soar by 197% on fast-growing European crypto platform affirming rising levels of crypto adoption among global investors  Currency.com,...

VanEck lists TRON ETN on Euronext Paris and Amsterdam

Singapore, Singapore, 26th September, 2021, TRON has announced that VanEck Vectors TRON ETN (VTRX) will be listed on the Euronext exchanges in Paris and...

Paul Pierce, Phil Ivey, Mr. Beast and Joe Lubin Tonight In Virtue Poker’s Awaited Celebrity Charity Poker Tournament

Xbiex, Malta, 26th September, 2021, Virtue Poker is excited to host The Celebrity Charity Poker tournament that commences tonight, September 26, at 11 pm...

Kawaii Islands Nets $2.4M In Private Token Sale For Its Anime Play-to-earn Metaverse

Tortola, British Virgin Islands, 25th September, 2021, Play-to-earn blockchain games continue to take the world by storm, and Kawaii Islands is ready to throw...

Microstrategy CEO, Michael Saylor On China Banning BTC And Crypto: “Nothing Has Created More Wealth In The Past Decade Than Technologies Banned In China”

Microstrategy CEO, Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 108,992 BTC. Michael Saylor is among the...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.