Blockchain project BSN has announced that it plans to kickstart its pilot project focusing on CBDC and implement digital currencies in the payment systems.
Chinese government-backed blockchain platform will roll out a solution for CBDC payments working together with international banks and tech companies.
BSN to Bring Universal Digital Payments Network
The company is investing its resources to develop a universal digital payment network and work closely with international banks to create a more secure and robust payment method. While CBDCs are viewed as an essential tool by the banks to regulate financial transactions, it is important to have a network that facilitates seamless yet secure transactions.
BSN would develop a robust system over a span of the next five years, incorporating the stablecoin and central bank digital currencies working closely with international banks and technology firms. The proposed system is intended to transform the world’s existing payments systems, allowing a more streamlined and regulated digital currency transfer. As per the company, the beta version of the Universal Digital Payment Network solution would be released in the later half of this year.
The company highlighted that the Universal Digital Payment system would offer secure and agile currency transfer cost-effectively and hassle-free. BSN is backed by the Chinese government, as the largest nation in the world strives to become a front runner in blockchain and cryptocurrency technology. China is continually trying to launch Digital Yuan, its much-anticipated cryptocurrency. Chinese backed blockchain BSN, which allows digital token and decentralized app development, will usher in the CBDC network to provide low-cost CBDC payments.
As the global economic practices undergo massive transformations, physical currency and cash are fast becoming outdated. stablecoin and CBDCs would gain prominence across the globe as the major population adopts digital money and transfers for their financial transactions. Bitcoin, Ethereum, and other cryptocurrencies are gaining massive popularity while fiat currencies bear the brunt of inflation. In such a state, China wants to take a giant leap by launching a payment network that incorporated all the CBDCs developed by international banks. BSN wants to create a standard digital transfer procedure entailing financial systems like insurance, enterprise solutions, and banking through APIS. Apart from developing universal digital payments networks, BSN also aims to extend its network and promote its new platform.
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