China's Blockchain Service Network to Support Stablecoins
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Aug. 24, 2020
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China-backed the Blockchain Service Network (BSN) project will start working with stablecoins in 2021, iHodl Russia has learned, citing Yifan He, Head of Red Date Technology, the company which is involved in the development of the BSN.

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The stablecoins will reportedly be used to pay for various services in the BSN ecosystem, including cloud resources. In addition, stablecoins will allow instant settlements between public nodes belonging to different cities and the so-called "portals."

"Only stablecoins are capable of providing a simple, fast and secure experience," He said.

It remains to be seen which stablecoins will be added to the BSN.

Earlier, the BSN developers stated that they would not allow the use of all cryptocurrencies in their service and would not issue their own cryptocurrency.

He confirmed the BSN will also be able to handle digital yuan transactions that the People's Bank of China is developing right now:

"If commercial banks decide to use blockchain to circulate digital currency, the BSN will be the best infrastructure for them, since we have networks throughout China. We are in close contact with several commercial banks on this matter."

In July, China's Supreme Court called for the extension of legal rights related to the ownership of digital objects, including digital currencies.

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A guide published by the Supreme People's Court and the National Development and Reform Commission (NDRC) calls on the country's judiciary to extend the protections of digital objects.

In particular, the guide specifies the legal system should improve the protection of new types of property rights, such as digital currencies, virtual online assets and data.

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