The Chinese national blockchain project, the Blockchain Service Network, is planning to pilot integration with global central bank digital currencies.
According to a Jan. 15 blog post, the BSN is looking to build a universal digital payment network, or UDPN, based on CBDCs of various countries as part of its 2021 roadmap. Currently, at the design stage, the beta version of UDPN is expected to launch in the second half of 2021. The BSN plans to complete the UDPN development in five years.
With the UDPN, BSN aims to enable a standardized digital currency transfer method and payment procedure. The new system intends to bring together systems like banking, insurance, enterprise resource planning, and mobile apps through APIs to provide a cost-friendly global payment solution.