Blockchain Service Network (BSN), the Chinese national blockchain project, has planned to pilot integration with global central bank digital currencies (CBDCs).
It has been reported in a blog post that the BSN is looking to build a universal digital payment network (UDPN), based on CBDCs of various countries as part of its 2021 roadmap.
However, at the design stage, the beta version of UDPN is expected to launch in the second half of 2021, as the BSN plans to complete the UDPN development in five years.
The report said that 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.
China is building the universal CBDC network to integrate all digital currencies, called the BSN. What will this mean for the legacy of the US dollar? https://t.co/rZeb0iCKrJ — Cointelegraph (@Cointelegraph) January 15, 2021
Once again, the BSN confirmed that China is serious about further CBDC development by pointing it as the biggest game-changer in the financial system.
It stated:
“The CBDCs will completely change the current payment and circulation methods of traditional currencies, consistently build payment systems’ resilience, and significantly increase the global circulation of commodities and cross-currency settlement.”
As per the sources, the UDPN is one of four goals on the BSN’s roadmap for 2021. The other three are the further expansion of the BSN network, promoting the private BSN platform, and broadening the BSN ecosystem.
Thus, the BSN said that it will keep investing heavily in the research and development of blockchain in 2021 to accelerate the mass adoption of blockchain technology worldwide.
Source: Cointelegraph