China-backed Blockchain Project Proposes SWIFT Alternative for Stablecoins and CBDCs – Finance Bitcoin News
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China is making a big push into the world of blockchain technology. The country has recently announced a new project that could potentially rival the Society for Worldwide Interbank Financial Telecommunication (SWIFT) by creating an alternative payment system for stablecoins and central bank digital currencies (CBDCs).
The project, called the “China-backed Blockchain-based Service Network” (BSN), is a decentralized network that will enable developers to build and deploy applications on a global scale. BSN will be powered by blockchain technology and will provide a platform for the development of distributed applications (dApps) and smart contracts.
The project is being developed by the State Information Center (SIC) and the China Mobile Group, two of the country’s largest state-owned enterprises. The project is also backed by the Chinese government.
The goal of the project is to create a global payment system that is faster, cheaper, and more secure than existing payment networks such as SWIFT. The project will use blockchain technology to create a more efficient and secure payment system that can be used by both stablecoins and CBDCs.
The project is also designed to make it easier for developers to create and deploy dApps and smart contracts. The platform will provide developers with tools and resources to help them create applications that are secure and compliant with international standards.
The project is still in its early stages, but it is already gaining traction in China. The project has already been tested in a pilot program in Shanghai and is expected to be rolled out in other cities in the coming months.
The project is part of China’s broader effort to become a global leader in blockchain technology. The country has already invested heavily in the development of blockchain technology and has become one of the leading countries in the world when it comes to blockchain innovation.
If the project is successful, it could provide a viable alternative to existing payment networks such as SWIFT and could potentially revolutionize the way payments are made around the world. This could be a major step forward in the adoption of blockchain technology and could open up new opportunities for developers, businesses, and consumers.
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