China’s state-owned blockchain platform Blockchain Service Network plans to test integration with foreign central banks’ digital currencies.
BSN plans to build a universal payment network (UDPN) by connecting CBDCs of several countries. BSN’s roadmap is to launch the beta version of the network in the Bitcoin Loophole second half of 2021 and complete the project by 2025, according to Cointelegraph.com.
UDPN is supposed to provide a standardised method for digital currency transfers between different central banks. The system will integrate payments across various industries, including insurance, resource planning, banking and even mobile applications.
This project further demonstrates how serious China is about CBDC. And UDPN is not the only area of development for BSN. If the roadmap is to be believed, the government plans to further develop the ecosystem, expand applications in the private sector and scale up the BSN network.
As for China’s CBDC, the cryptojuan, its proliferation is gradually gaining momentum. Recently, the state bank launched the first ATMs to convert cash fiat to digital currency and vice versa.