China’s Blockchain Service Network to Begin Supporting Stablecoin Next Year August 24, 2020 August 24, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 24, 2020 by Kelly Cromley

China’s Blockchain Service Network to Begin Supporting Stablecoin Next Year

China’s countrywide blockchain venture, the Blockchain Service Network (BSN) will be incorporating support for stablecoin next year.

Yifan he, CEO of Red Date Technology, an important tech enterprise involved in building the BSN framework, has revealed that the venture will soon start supporting stablecoins.

Trialed in the final leg of last year, China’s BSN is a government supported venture that aims to back medium-sized enterprises in creating and employing blockchain apps.

The CEO detailed that stablecoins will be used as a mode of payment for multiple services on the BSN platform, including cloud connectivity.

Yifan He stated “Only stablecoins can make it much easier, quicker and safer.” Stablecoins will supposedly facilitate real-time settlement between public city nodes providers and BSN portals. The following explanation was given:

“BSN involves many clearing and settlements among participants. For example, public city nodes providers allocate cloud resources onto BSN, and the BSN portals sell BSN resources to their end developers. Then part of the money the portals receive will be paid to the public city node providers, currently we are going through banks.”

As of date, the nature of stablecoins that will be supported will be China’s key blockchain related venture is yet to be decided. He’s statement was released soon after the BSN’s global division officially announced that its facilities will never support any cryptos. A tweet by BSN on August 11 indicated that the venture could still “integrate stablecoins as a means of payment on BSN.”

The BSN further clarified that the venture is not a blockchain framework and will never release any crypto. Developer clarified “You cannot buy BSN, only BSN’s services.”

As per Yifan He, the BSN is best suited for China’s national digital current venture, the digital yuan. Also referred to as the digital currency electronic payment, or DCEP, the venture is backed by China’s central bank, the People’s Bank of China (PBoC).

China’s digital yuan was not built upon blockchain technology and might use BSN framework. Yifan He said “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.”

Yifan He is not the only one assuming that China’s CBDC (Central Bank Digital Currency) will be based on BSN. Sky Guo, CEO of China’s blockchain partner firm Cypherium, stated that the digital yuan could be based on BSN framework, “but at the moment it is not clear enough yet.”

Guo also pointed out that the digital yuan is centered on retail payments, while BSN is a framework facilitating the creation of enterprise level decentralized applications.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.