As the old saying goes, Rome wasn’t built in a day. Neither were China’s plans to lead the world towards a central bank digital currency and launch “the blockchain of blockchains”. It’s been over five years since China’s central bank started researching a digital yuan and things are starting to heat up. As I dive into the recent announcements coming out of China, there’s one key takeaway I want you to walk away with today: Don’t sleep on China.
Slowly at first, then all at once. That’s exactly how China’s efforts to be a leader within the blockchain space are playing out.
Earlier this week, China’s Blockchain Service Network (BSN) had its mainland commercial launch. What is BSN? This thread from one of our subscribers, Matthew Graham, does a great job of providing an overview. Long story short, BSN is attempting to 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”.
There’s a lot to unpack there, so let’s go piece by piece. At its core, the BSN is an i