Stablecoins to be integrated into China's BSN blockchain platform

China's national blockchain platform (Blockchain Service Network, BSN) will add support for stablecoins in 2021. About this incomments to Cointelegraph were reported by Yifan He, CEO of Red Date Technology, which is involved in the development of BSN.

According to him, stablecoins will be usedto pay for services in the BSN ecosystem, including cloud resources. In addition, they will allow instant settlements between public nodes belonging to different cities and the so-called "portals".

“Only stablecoins can provide simple,fast and secure experience. BSN's activities involve a variety of clearing and settlement operations. For example, a public city node provider allocates cloud resources to BSN, and portals sell these resources to end developers. After that, part of the money received by the portals will be paid to the providers of public city nodes. Now such operations are carried out through banks "- he declared.

At the moment, the organizers of the initiative have not yet decided which stablecoins to add to BSN.

Shortly before this, BSN developers announced that they would not allow the use of all cryptocurrencies in their service and would not release their own cryptocurrency.

"You cannot purchase BSN, only BSN services.", - they explained.

According to He, BSN is adapted to handle transactions with the People's Bank of China's digital yuan.

“If some commercial banks decideuse blockchain to circulate digital currency, BSN will be the best infrastructure for them, since we have networks throughout China. We are in close contact with several commercial banks on this issue "- he added.

Cypherium CEO Sky Guo also saidthat the digital yuan will be integrated into BSN, noting that the details of this process are currently unclear. He explained that the digital yuan is focused on retail payments, while BSN is intended to implement enterprise blockchain use cases.

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