China to run BSN revolutionary blockchain Project in 2021
A new system is under development in China that aims at uniting and integrating international central bank digital currencies under BSN, China’s national blockchain project.
The blockchain service network or BSN which is the Chinese national blockchain project is going to have a pilot to check the integration with central bank digital currencies (CBDC) around the world.
Developing a universal digital payment network (UDPN) based on CBDCs of many countries is BSN’s aim. UDPN’s beta version will probably be launched around July 2021 which will be finished by 2026.
BSN tends to have a digital currency transfer method and payment procedure which is standardized using UDPN so that they could unite multiple systems like insurance, enterprise resource planning, banking, and mobile apps via APIs. This will yield a worldwide cost-effective method of payment and is according to BSN a top game-changer in the finance.
“The CBDCs will completely change the current payment and circulation methods of traditional currencies, consistently build payment systems’ resilience, and significantly increase the global circulation of commodities and cross-currency settlement.”
BSN has a 4-goal roadmap for 2021 and BSN network expansion, private BSN platform promotion, and BSN ecosystem broadening are the other goals besides the UDPN.
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