China’ Blockchain Service Network to Integrate Stablecoin Su...
Cryptocurrency, News

China’ Blockchain Service Network to Integrate Stablecoin Support In 2021

Blockchain Service Network (BSN), China’s national blockchain project, to reportedly launch a stablecoin support next year. Yifan He, CEO of Red Date Technology, the major company behind the BSN project, revealed to Cointelegraph news outlet that BSN will be integrating stablecoin support in 2021.

The BSN official highlighted that stablecoins will soon be used as payment option for various services on the BSN ecosystem, including cloud resources. He noted that only stablecoins can make payments on the platform much easier, quicker and safer. Yifan added that stablecoins will purportedly enable instant settlement between public city nodes providers and BSN portals.

The official explained that BSN involves many clearing and settlements among participants. Whiles public city nodes providers allocate cloud resources onto BSN, the BSN portals in turn sell the BSN resources to their end developers. A portion of the payments that the portals receive will then be paid to the public city node providers.

According to Yifan, at the current stage of the project, it is not yet decided what stablecoins will be integrated into the platform. He however noted that the BSN platform would be the best fit for China’s national digital currency project, DCEP. Though China claims its digital yuan project is not based on blockchain, he believes it could still use BSN infrastructure.  

Yifan reportedly stated that: “If some commercial banks will use blockchain on DCEP settlement or circulation, BSN would be the best infrastructure since we have PCNs all over China. We are keeping in touch with several commercial banks closely regarding this.”  

China’s BSN initiative, which was piloted last year, intends to support medium-scale businesses in building and deploying blockchain apps. Yifan’s comments comes few days after the BSN had stated on Twitter that the project is not a blockchain platform and will never issue its own crypto. It explained that users cannot buy BSN, but can only use BSN’s service. 

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.