Tag: RMB

China’s national blockchain will change the world | coindesk

This week, China will officially launch a major new blockchain initiative called the Blockchain-based Services Network (BSN). The BSN is a critical part of China’s national blockchain strategy that was announced by President Xi in late November 2019, but went largely under the radar as the simultaneous announcement of China’s digital RMB currency, called the DCEP, swept the world by storm. Only recently has the Western media recognized the significance of the BSN, which sees its mainland commercial launch April 25. The portal’s global commercial launch is scheduled for June 25.

Essentially, the BSN will be the backbone infrastructure technology for massive interconnectivity throughout the mainland, from city governments, to companies and individuals alike. The network will also form the backbone to the Digital Silk Road to provide interconnectivity to all of China’s trade partners around the globe. The BSN will be a new internet protocol to allow a more efficient way to share data, value and digital assets in a completely transparent and trusted way between anyone who wants to be a node on the network.

The main BSN founding consortia partners are the State Information Center (China’s top-level government policy and strategy think tank affiliated with the National Development and Reform Commission), China Mobile (China’s largest national telecom with over 900 million subscribers), China Unionpay (the world’s top payment and settlement provider with eight billion issued credit cards), and Red Date Technologies (the main blockchain architect for the BSN).

Read the full article @ coindesk:

Michael Sung: China’s National Blockchain Will Change the World – CoinDesk
As China rolls out its Blockchain-based Services Network (BSN), an insider describes the

For China, the 2020s will be a difficult decade | CapX

“At the dawn of the 2020s, China is facing challenges that are perhaps the most serious since the death of Mao Zedong in 1976.

Until relatively recently, these were predominantly home-grown problems gathering momentum slowly over the last decade or so. They have become accentuated, though, by the emergence of a new, repressive governance system under President Xi Jinping, and, in the last two years by the so-called trade war and the eruption of instability in Hong Kong. In the 2020s, China’s growth is likely to continue to slow to about 3-4% a year. A ‘recession with Chinese characteristics’ is not out of the question.

We should pay close attention. Slower growth and the rising risk of a significant fall in the value of the yuan in the next few years could easily choke the narrative that China will become the biggest economy in the world. This would have a significant impact on how China, and we think about everything from economics to foreign and security policy in the global system.”

Read the full article @ CapX:

For China, the 2020s will be a difficult decade – CapX
At the dawn of the 2020s, China is facing challenges that are perhaps the most serious since the death of Mao Zedong in 1976. Until relatively recently, these were predominantly home-grown problems gathering momentum slowly over the last decade or so. They have become accentuated, though, by the eme…