The company behind China’s Blockchain Services Network revealed two projects to build infrastructure for central bank digital currencies (CBDCs) and stablecoins, promising a BSN payments layer, and a public chain in which “gas fees” can be paid without buying cryptocurrency. He Yifan, CEO of Red Date Tech, spoke at a TechNode-sponsored webinar recorded Dec. 21.
The payments network, a blockchain-based enterprise payments platform that will support CBDCs and stablecoins, is a BSN project and expected to launch in the first half of 2021. Stablecoins are cryptocurrencies pegged to traditional currencies, such as the dollar-linked Tether (USDT).
The public chain is at an early stage. He said that it would be a standalone chain but BSN-compatible.
Why it matters: Both projects will make it easier to use blockchain without buying cryptocurrencies, something He argues will make the technology appear less risky to large businesses. Separating blockchain from these state-free currencies will likely reassure accountants and annoy purists.