China’s nationwide project, Block Service Network(BSN), will be integrating stablecoin support in 2021. Yifan He, who’s the CEO of Red Data Technology, a major tech company closely intricated in the BSN developments, told Cointelegraph that it would soon start incorporating stablecoins.
Yifan He, explained that the role of stablecoins would be a payment for various services on the BSN ecosystem, including cloud resources. He added that the stablecoin has the potential to make the transactions easier, quicker, and safer. Later on, he goes on to say, “BSN involves many clearing and settlements among participants. For example, public city nodes providers allocate cloud resources onto BSN, and the BSN portals sell BSN resources to their end developers. Then part of the money the portals receive will be paid to the public city node providers; currently, we are going through banks.” These comments by Yifan come after the announcement of BSN’s international arm, saying that they will never involve the usage of any cryptocurrencies.
He ends by saying that the BSN project is not a blockchain project, and will never issue its own cryptocurrency. BSN will be aiming at providing BSN services, and not the BSN cryptocurrency.