China’s Blockchain-based Service Network (BSN) has announced it is prepared to launch a beta version of an already existing digital currency that should be ready to pilot in the first half of the year.
Presently, BSN is working on a universal digital payment network known as UDPN that should go live as a fully-fledged product within the next five years. A central bank digital currency (CBDC) should allow China to exert better monetary control and bring more transparency to the country's finances.
The move is feared by some but welcomed by fiscal purists who know that unquestionable transparency will dictate every aspect of the banking system in the country eventually.
While the UDPN is still being worked on, there have been public city nodes (PCN) rolled out across Chinese cities and provinces to pilot some of the functionalities of the future system and its ability to scale organically.
The BSN will also establish ties between the payment system and numerous public projects, bringing everything together for a more centralized approach while still benefiting from the innovative, next-generation solutions brought on by the blockchain.
There will be at least 30 public blockchain integrations of BSN in 2021, which will open a new chapter for blockchain and public finances in the country.
This could benefit online casinos which are still a taboo in the country but may become a reality under a more transparent system that can control them.
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