Blockchain Service Network (BSN) To Introduce Stablecoin Support
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Blockchain Service Network (BSN) To Introduce Stablecoin Support

August 24, 2020      Jyoti Singh

Blockchain Service Network (BSN) is a blockchain project of China that has announced to introduce stablecoin support in the year 2021. 

While confirming this news, the CEO of Red Date Technology Yifan He, stated that in the near future, the nationwide blockchain project would also start adding stablecoins.

Red Date Technology is one of those companies involved in the creation of the BSN project. 

Stablecoins To Process Payments In BSN Ecosystem

The pilot project of BSN was introduced in the year 2019. With the help of this project, the medium-sized businesses can develop and set up blockchain applications.

He further mentioned that the businesses could use the stablecoins integrated with the project to make payments for different services on the BSN ecosystem. 

The executive explained, “BSN involves many clearing and settlements among participants. For example, public city nodes providers allocate cloud resources onto BSN, and the BSN portals sell BSN resources to their end developers.”

BSN Is Project Not Platform

It has been notified that a part of the portal’s money which currently is being processed via banks, would be offered to the providers of public cite nodes. 

Presently, it has not been decided which of the stablecoins would be integrated along with the project.

It is to be noted that recently, the international arm of BSN has asserted that it would not involve any of the cryptocurrencies usages, however, shortly, after that, He announced about stablecoin’s integration with the project.

On August 11, BSN tweeted that it has been planning to add up stablecoins to process BSN-related payments. 

As per the reports, BSN is just a project and not a blockchain platform. Currently, it is not planning to introduce its own cryptocurrency. 

The project developers have clearly mentioned that the individuals interested in this project could only purchase the services of the BSN and not the BSN.

He believes that the BSN project would be suitable for the national digital currency project of China.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.