China’s national blockchain project BSN could be the best fit for the digital yuan.
China’s nationwide blockchain project, the Blockchain Service Network, or BSN, will be integrating stablecoin support in 2021.
Yifan He, CEO of Red Date Technology, a major tech company involved in the BSN development, told Cointelegraph that the project will soon start integrating stablecoins.
Piloted in late 2019, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain applications.
The exec explained that stablecoins will be used as payment for various services on the BSN ecosystem, including cloud resources.