China’s international blockchain project, the BSN [Blockchain Service Network], will be integrating stablecoin support merely by year 2021.
The CEO of Red Date Technology, Yifan He, a major tech company involved within the BSN development, revealed that the project will soon start integrating stablecoins.
Revealed earlier in last year, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain apps.
The exec explained that stablecoins will be employed as payment for several different services on the BSN ecosystem, along with cloud resources. “Only stablecoins can make it much easier, quicker and safer,” the officials added.
Stablecoins will purportedly permit instant settlement between public city nodes providers and the so-called BSN portals, He added.
“BSN involves many clearing and settlements among participants. For instance, public city nodes providers allocate cloud resources onto BSN, and the BSN portals sell BSN resources to their end developers. Then a part of the cash the portals receive will be paid to the general public city node providers, presently we are going through banks.”
At the present stage of the initiative, it’s not yet decided what stablecoins are going to be incorporated into China’s major blockchain-related project, consistent with the officials.
The BSN added that the project isn’t a blockchain platform and can never issue its own crypto assets. “You cannot buy BSN, only BSN’s services,” developers explained.
While China’s digital yuan isn’t based on the blockchain technology, it could use BSN infrastructure. If some commercial banks will use blockchain on DCEP settlement or circulation, BSN would be the simplest infrastructure since they have PCNs everywhere in China.”
The CEO of China’s blockchain partner firm Cypherium, Sky Guo, also revealed that the digital yuan might be integrated into the BSN, “but at the instant it’s not clear enough yet.”
Guo also revealed that the digital yuan is concentrated on retail payments, while the BSN addresses enterprise use cases for blockchain technology.