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China’s Blockchain Service Network will provide stablecoin support in 2021

Chinese national blockchain project, the Blockchain Service Network (BSN) will begin providing support for stablecoins in 2021. The initiative that was piloted towards the end of 2019 appears to be ready for stablecoins integration. This is according to Yifan He, the CEO of Red Date Technology, a major Chinese technology company that is deeply involved in the development of BSN.

BSN built for blockchain applications

This news is testament to the great progress made by the Chinese state-backed initiative that was initially established to develop blockchain applications. Now, BSN intends to provide support to the nation’s medium-sized businesses by helping them build and deploy various blockchain-based solutions. According to the Red Date Technology CEO, stablecoins are an ideal solutions that they are pursuing in order to meet their goals. He expounded on this saying that stablecoins are a convenient means of payment that can be used to pay for services such as cloud resources on the BSN ecosystem.

Only stablecoins can make it much easier, quicker and safer

The executive believes that stablecoins will facilitate instant settlement between the service providers and the BSN-portals.

BSN involves many clearing and settlements among participants. For example, public city nodes providers allocate cloud resources onto BSN, and the BSN portals sell BSN resources to their end developers. Then part of the money the portals receive will be paid to the public city node providers, currently we are going through banks.

 BSN will not allow cryptocurrencies

He intimated that thus far, there is no final decision about what stablecoins will be integrated in the BSN. These comments affirm a recent announcement made through BSN’s official twitter stating that their services will not involve the use of any cryptocurrencies. The Aug. 11 tweets however made it clear that they may integrate stablecoins as a means of payment on BSN. BSN issued further clarification stating that it is not a blockchain and that you cannot buy BSN, but only BSN’s services.

Besides its services, He believes that the BSN would be suitable platform to launch the much anticipated China’s national digital currency. He suggested that whereas the Chinese digital Yuan will not necessarily be blockchain-based, it could benefit from BSN’s infrastructure. He stated

If some commercial banks will use blockchain on DCEP settlement or circulation, BSN would be the best infrastructure since we have PCNs all over China. We are keeping in touch with several commercial banks closely regarding this.

Similar suggestions have been made by Sky Guo, the CEO of Cypherium stating that the digital Yuan can be easily integrated into the BSN. The executive however did not clarify how this could be done or offer a proper timeline.

Image courtesy of pixabay

Edward Nored

Edward Nored

Edward is a naturally curious BTC lover with a deep interest in blockchain, fin tech, fields which he dedicates his time to researching.


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