China to build a universal digital payment network using blockchain

China to build a universal digital payment network using blockchain

Confident of acquiring a significant stake in the global cryptocurrency industry, China has begun making tremendous efforts in the digital currency market, starting with setting up a novel blockchain venture, Blockchain Service Network (BSN).

The blockchain project has recently made it to the headlines subject to China’s newly devised plans of integrating international central bank digital currencies (CBDC) as a part of its upcoming blockchain effort. Reports have it that the new project would lay focus on building a universal digital payment network (UDPN).

As per an announcement by officials, CBCDs are likely to fundamentally change conventional currencies’ current payment methods. In line with this, they might also enhance the resilience and remarkably increase the global circulation of cross-currency and commodities settlement.

It would be essential to note that UDPN is still in its design phase and its beta version would be launched in the second half of the year. It has been reported that the plans include BSN building the UPDN in the upcoming five years, based on the CBCDs of vivid countries, working with various international banks and technology enterprises.

Moreover, the network enables information systems like mobile applications, insurance, banking, and ERP to directly contact UDPN services to involve a standardized digital currency transfer method and transaction process, with the essence of a cost-friendly global payment solution.

Alongside UPDN development, the venture would push the country further towards an ambitious 2021 roadmap. Amongst its other project, the focus will also be on expanding the BSN network, growing its ecosystem and promoting the platform.

Besides, during the year 2021, the BSN Development Association would engage a detailed training system in the country to educate more organization and individuals to deploy blockchain technologies into traditional information systems.                                                                                                                                                                                              

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