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China’s Blockchain Service Network to Launch Stablecoin Support in 2021

China’s Blockchain Service Network to Launch Stablecoin Support in 2021

China’s Blockchain-Based Service Network (BSN) is set to introduce and establish a stablecoin support platform beginning in 2021.

According to a recent tweet, the said network will “integrate stablecoins” next year. It is safe to assume that it will support all legitimate stablecoins, since the post did not mention any specific name from this particular asset class.

Yifan He, CEO of Red Date Technology, a firm associated with BSN in this endeavor, explained that only stablecoins would be able to provide a “much easier, quicker, and safer” payment method for all services offered by the network.

BSN also emphasized in a separate series of tweets on August 11 that it will never involve cryptocurrencies for any of its services, although it “may integrate” stablecoins. It also clarified its identity and its stance regarding cryptocurrency.

BSN tweeted,

BSN is not a blockchain. We will never issue a cryptocurrency. You cannot buy BSN, only BSN’s services.

Launched in late 2019, BSN describes itself as a “cross-cloud, cross-portal, and cross-framework global public infrastructure network” that is supported by the government of China. It enables users to deploy and operate all types of decentralized applications (DApps).

The network aims to assist startups and medium-sized enterprises with various crypto and blockchain-based solutions. It is supported by industry names such as Google Cloud, Amazon Web Services, Hyperledger, Ethereum, EOS, and more.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.