China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.
Blockchain service network expectations
UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.
BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.
What about CBDC?
Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.
But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.
So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!