China’s State Blockchain Platform to Add Stablecoin Support

The Chinese Infrastructure Blockchain Platform (BSN) will integrate support for stablecoins in 2021. In an interview with Cointelegraph, Yifan He, head of Red Date Technology, which is responsible for the platform’s international development, said.

Stablecoins in the BSN ecosystem will play the role of a means of payment, including for cloud-resource payments. Their advantages lie in simplicity, speed and security.

“BSN encompasses a range of clearing and settlement activities among participants. For example, the operator of a public city node would allocate cloud resources on BSN. The so-called BSN portals sell a portion of the resources obtained to end developers. A portion of the funds obtained from them will be directed to the node operator. This would currently happen through banks,” explained Yifan He.

According to the head of Red Date Technology, no decision has yet been made on which stablecoins will be used.

On August 11, the official BSN Twitter открестился from using any cryptocurrencies, noting that an exception could be made for stablecoins.

In a thread, platform representatives explained that BSN does not intend to issue its own coin, and users of the platform will only be able to purchase the services provided on it. Red Date Technology added that BSN is aimed exclusively at solving global problems through blockchain technology.

According to He, BSN is ideally suited for China’s digital yuan project, also known as the central bank’s digital payment system (DCEP). This is not hindered by the absence of DLT technology at its core.

“If some commercial banks start using blockchain for settlements or the circulation of DCEP, BSN will be the best infrastructure. The BCN network will cover all of China. We are working this matter out in detail with several commercial banks,” the executive said.

Blockchain in Chinese: how China is building a centralized platform for the development of DLT technologies

The platform was launched by China’s State Information Center in April. Its aim is to simplify the process of launching blockchain applications. In the BSN white paper, the platform aims to become an ‘internet of blockchains’.

Earlier this month, BSN launched the international version of its site and added support for six public blockchains.

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