huobi china blockchain
Huobi China Joins A State-Backed Blockchain Alliance
December 3, 2019
huobi china blockchain
Huobi China Joins A State-Backed Blockchain Alliance
December 3, 2019

Huobi China has joined a state-backed blockchain alliance ideated to be one of the most influential infrastructure service providers in the country. 

On Dec. 1 an announcement was made by the Chinese branch of Huobi Group regarding its membership in the Blockchain-Based Services Network (BSN) Development Alliance.

Infrastructure Services For Any Chinese Or International Entity That Uses Blockchain

Led by State Information Center (SIC), a think tank affiliated with the National Development and Research Commission, China’s highest central planning agency. The network is planning to offer infrastructure services for any Chinese or international entity that uses blockchain. 

BSN was originally created by six institutions, including SIC and state-owned tech giants China Mobile and China UnionPay, China’s equivalent to VISA and Mastercard

The network would be tested in 54 cities across the country as well as Hong Kong and Singapore for smart city projects.

Wenchao Shi, president of China UnionPay said in October at the test announcement. 

“When developing an app, people would think about Android and IOS systems. We hope BSN would be the first thing that people would think whenever they want to develop their own blockchain technologies.” 

Huobi China Steers Clear From Crypto Trading In China

Huobi China has been trying to steer away from crypto trading in the country and establish itself as a blockchain services provider since the 2017 crackdown on crypto exchanges. 

ALSO READ :  Huobi Wallet Now Allows Crypto Purchases With Credit and Debit Cards

Huobi China firmed up its relationship with the Chinese government by establishing a Communist Party of China branch in its local blockchain subsidiary Beijing Lianhuo Information Services LLC in November 2018.

Source: Coindesk | Image: The Block


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