March 4, 2021

China plans to launch international payment network using CBDC

The Chinese state blockchain platform Blockchain Service Network plans to conduct test integration with digital currencies of foreign central banks.

BSN plans to build a universal paymentсеть (UDPN), объединив CBDC нескольких стран. Дорожная карта BSN предусматривает запуск бета-версии сети во второй половине 2021 годано и завершение проекта к 2025 году, сообщает Cointelegraph.com.

UDPN must provide a standardized methodtransfer of digital currency of various central banks. The system will allow integrating payments in various industries, including insurance, resource planning, banking, and even mobile applications.

This project once again demonstrates howChina is serious about CBDC. And UDPN isn't the only direction for BSN. According to the roadmap, the government plans to further develop the ecosystem, expand private sector applications and scale the BSN network.

As for the Chinese CBDC - the crypto yuan, itsdistribution is gradually gaining momentum. The state-owned bank recently launched the first ATMs to convert fiat cash to digital currency and vice versa.

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