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China’s Blockchain Initiative BSN to Carry Out Testing for International CBDC System in 2021

By Katelyn James | January 22, 2021

The Blockchain Service Network – China-based, countrywide blockchain initiative – is reportedly going to carry out testing phase for integration with international central bank digital currencies.

Specifically, the BSN is reportedly planning to create a universal digital payment network (UDPN), using CBDCs of numerous nations as part of its 2021 roadmap.

The beta version of UDPN – with the designed process being conducted – is reportedly expected to be made available in the latter part of next year, with the expected amount of time to finalize the overall UDPN development will be in half a decade.

With the UDPN, BSN reportedly looks to fulfill its primary goal of establishing a standardized measure for transferring cryptocurrencies, as well as payment procedures. 

The new system reportedly plans to set up a connection for numerous networks, such as banking, insurance, enterprise resource planning and mobile apps, via APIs, to offer a cost-friendly international payment method.

The BSN has reportedly provided their confirmation again, stating that China is having a serious attitude towards boosting CBDC development, highlighting it to be something that can bring upon profound changes to the financial network. 

“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.”

The UDPN is reportedly among the four goals of BSN’s roadmap for 2021, with the remaining three being further footprint of the BSN network, promoting the private BSN platform, and broadening the BSN ecosystem.

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