China to further strengthen blockchain adoption with the project

During the internal testing period between October 2019 and March 2020, the BSN network is reportedly set to involve a total of 400 enterprises and 600 developers, Sina reports. First piloted in the city of Hangzhou, the capital of east China’s Zhejiang province, the BSN specifically intends to reduce technical and economic costs associated with developing blockchain adoption, SIC’ deputy director Zhang Xueying said.

As the Chinese government has been gradually strengthening its blockchain adoption and expertise, the establishment of a new national grade blockchain network is apparently an important milestone in its approach. Alongside the active development of blockchain applications, China has been working hard to introduce its own digital currency.

According to a Jan. 6 report by Cointelegraph, development of a government-backed digital currency at the People’s Bank of China is progressing smoothly.