Today China’s Blockchain-based Service Network (BSN) outlined an audacious plan for a global network that will support future central bank digital currencies (CBDC) from multiple countries.
It aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. We note that it does not mention China’s digital yuan or eCNY, although doubtless, this will be one of the first to be used.
In many ways, BSN is trying to create the next generation of the internet, supporting and interconnecting multiple public and private blockchains in its international network. The Chinese version of the network supports only enterprise blockchains. Its original aim was to make blockchain affordable for individuals and SMEs, with pricing and accessibility similar to low-cost cloud hosting.
Given that context, it needs to support payments. And as outlined in its blog post, it envisages a not too distant future where several countries will have digital currencies. It’s not claiming to have government agreements, given most countries have not yet made CBDC decisions. But as many CBDCs are likely to be distributed via banks, it plans to build the UDPN with international banks and technology companies.
Read more: https://mycryptonewstoday.com/2021/01/chinas-bsn-blockchain-network-plans-multinational-cbdc-pilot-this-year-ledger-insights-2/