- Published on January 19, 2021
- In IT Services
China To Roll Out Beta Version Of Its Digital Currency In 2021
- By Shraddha Goled
China’s Blockchain Service Network (BSN) has plans to roll out a beta version of central bank digital currency (CBDC) by the second half of 2021. CBDC -- first of its kind -- is a digital version of the Chinese yuan. The move is expected to kick the Chinese economy into high gear and push the yuan to a leadership position. Further, the government-sanctioned BSN is now working on a universal digital payment network (UDPN), expected to be in full swing in the next five years.
Gravitating Towards CBCD
With central bank digital currencies gaining acceptance worldwide, BSN plans to build a digital currency payment network. The universal network will be built in collaboration with international banks and technology companies. “This digital payment network will completely chan
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Shraddha Goled
I am a technology journalist with AIM. I write stories focused on the AI landscape in India and around the world with a special interest in analysing its long term impact on individuals and societies. Reach out to me at shraddha.goled@analyticsindiamag.com.
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