China’s beta CBDC will network across China in the second half

[출처: 셔터스톡]

The National Blockchain Service Network (BSN), led by the Chinese government, has unveiled the roadmap for 2021. According to the announcement, it is expected to release a beta version of CBDC in the second half of this year and integrate more than 30 public blockchains. From a market perspective, the block chain project is drawing attention because it includes Polka Dot and Rose, which have recently led the price increase.

#What is China BSN?

BSNIs a national hub network created by China to build a central blockchain platform infrastructure and reduce the cost of enterprises and institutions. BSN itself is not a blockchain protocol. It is a hosting platform that provides development tools for developers to create a standardized blockchain.

2019When it was launched in April, more than 2,000 individuals and organizations joined the network, which attracted attention. Currently, state-owned telecommunications companies such as China Telecom, China Mobile, and China Unicom are leading the BSN, and Chinese organizations and companies including China Union Pay, Huobi China, and People’s Network are participating in the current state agencies. In addition, it is collaborating and integrating with public blockchain projects such as Ethereum, Polkadot, EOS, Tezos, Neo, Nervos, Oasis Network (Rose), Irisnet, and Bityuan. According to BSN, by the second half of this year, more than 30 such public blockchains will be integrated. Private blockchains are expected to be deployed in all provinces (23 provinces) in China by this year. When the plan is realized, a test version of the CBDC will be partially networked across China.

#“CBDC Distribution and expand the network further”

BSNExplained that it will establish a universal digital payment network (UDPN) for the circulation of CBDC (central bank digital currency) in the second half of this year’s roadmap. He added that it is currently in the design phase and a beta version of CBDC will be released in the second half of 2021. He also said that the problem of CBDC transactions in other countries being traded on BSN would be solved through network expansion. In addition to simple CBDC distribution, it also announced that it will make all systems such as banks, insurance, and applications run under the UDPN network.

Meanwhile, as the news of the announcement of the BSN roadmap spread, some investors are seeing the recent surge in Polka Dot and Rose from China. In particular, in the case of Polkadot, the Chinese community is known to be huge, so news like this is gaining more strength.

Reporter Park Sanghyuk [email protected]


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