The firm behind the Blockchain Services Network (BSN) is building infrastructure to support central bank digital currencies (CBDCs). ZhongAn insurance launched the first digital yuan insurance policy. Curtains close on the longtime duel between Bitmain’s two co-founders with a $600 million settlement. Local governments in China continue to deploy and test blockchain applications.
BSN eyes CBDCs
- The company building the BSN, the Chinese government-backed “internet of blockchains,” is working on two projects to tap into CBDCs.
- Red Date is working with eight major banks and tech companies to build a payment layer for CBDC and stablecoin on the BSN that will launch in the first half of 2021.
- The company is also a standalone public chain that substitutes cryptocurrencies with CBDCs and stablecoins.