The Asian nation is getting ready to become the first power in the world to launch its CBDC digital currency, the digital yuan, in addition to positioning itself as a blockchain leader through its BSN service network.
China is preparing a new public test for its currency CBDC of the digital yuan in the city of Suzhou, where the second of these tests was carried out, and is also integrating the services of the audit firm Ernst & Young (EY), to complement the services it will offer through its network Blockchain Services Network (BSN).
The Asian giant has been preparing for these two important technological innovations for years. Since around 2016, the nation has revealed its plans to launch a CBDC digital currency. issued by its central bank, the People's Bank of China (PboC), for the digitization of its national currency, the yuan. This digital currency, called DCEP, will contribute to the internationalization plans of the yuan being prepared by China, which aspires to turn its currency into one of the currencies with the greatest presence and dominance in global markets thanks to technology. blockchain. In addition, since 2020 the nation is also preparing a complete digital infrastructure, known as the Blockchain Services Network (BSN), based on this technology, which aims to become the “Internet of blockchains” to facilitate the provision of all types of digital services globally.
Despite spending several years in the design and construction of these important innovations, China accelerated the pace of these developments in 2020, when it began to implement pilot tests to study the feasibility and viability of launching its DCEP digital currency, and began to integrate several blockchain networks and other services to strengthen your BSN.
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Another $30 million yuan in DCEP for Suzhou
The public pilot tests that the nation has launched since last October are intensifying as the date set by the nation for the official launch of this currency, which is scheduled with the arrival of the Beijing 2022 Olympic Games, approaches. , to be held from next February 4. Thus, with less than a year until its launch, the nation is accelerating its work pace for the issuance of its digital currency.
China has already held several pilot tests with various financial and banking entities, and has also held public tests in the country's main cities, holding random draws to deliver digital red packets, containing digital yuan, to the chosen citizens to its use in authorized businesses. In these public tests, China has implemented a series of functionalities to evaluate the feasibility of its digital currency, while experimenting with as many use case scenarios as possible for its currency. Now, the nation is preparing a new public test in the city of Suzhou, with the issuance of another 30 million digital yuan and also to benefit another 150.000 citizens.
Yuan distribution through JD.com
In this new test, the e-commerce giant in China, JD.com, will be in charge of distributing the digital yuan to citizens benefiting from the new lottery. Each person will receive a total of 200 digital yuan, equivalent to about $30 USD, to be used in more than 16.000 authorized merchants in the region and, of course, on the JD.com platform.
This new draw began on February 5, and chosen citizens will be able to use their digital yuan from next Wednesday, February 10, until Friday, February 26, during the Annual Suzhou Merchandise Festival.
Ernst & Young arrives at BSN in China
The Internet of Blockchains, China's BSN, is integrating the accounting and auditing firm Ernst & Young, in order to continue expanding the range of services that this network will offer, and offer new products focused on blockchain analysis, financial audits and more.
The alliance will allow the Chinese network to integrate blockchain products developed by the accounting firm, which are focused on compliance, such as EY OpsChain y EY Blockchain Analyzer. With this, the Blockchain Services Network will allow millions of users to build and run smart contracts, and other on-chain projects, ensuring scalability without compliance concerns; It also promotes the consolidation of the country as a giant in the development and adoption of blockchain technology.
The digital infrastructure developed by China has two versions, one international, available for the creation and execution of decentralized applications (dApps) on public networks; and a Chinese version, developed for use and implementation in the country with authorized networks.
To date, the international BSN has 6 integrated blockchains, Ethereum, EOS, NEO, tezos, IRISnet y nervös. Also, this network recently integrated the ConsenSys distributed ledger protocol, ConsenSys Quorum. On the other hand, the Chinese BSN network announced the integration of the Cosmos blockchain, as the first permitted business network to join the country's blockchain infrastructure.
Continue reading: China's BSN adds ConsenSys to its business list
