At this, the platform is not going to use traditional cryptocurrencies.
The Chinese national blockchain network (BSN) is going to integrate infrastructure by 2021. It will enable the support of stablecoins.
BSN was launched in April 2020. The blockchain network turned out to be one of the goals set by the Chinese government, as part of the country’s technological transformation. In particular, BSN became part of a large project, the goal of which is to create smart cities in China.
The national network will also launch the international portal for international developers. It aims to bring them together to create dApps on its platform. China’s offer can be beneficial for specialists from other countries. For example, BSN members have access to tools that can make the development of dapps (decentralized applications) 90% cheaper.
The decision was taken to choose stablecoins as a payment instrument to make transactions easier, faster, and safer.
It is worth saying that it was announced earlier that the platform won’t support traditional cryptocurrencies for calculations. It was also stated that BSN is suitable for work with the national cryptocurrency of China.
At the moment, Chinese experts are testing the capabilities of digital yuan. Despite the fact that the cryptocurrency may appear by 2022 only, China’s partners declare their intention to stop using US dollars in their transactions in favor of the national crypto.