The firm behind the Blockchain Services Network (BSN) is building infrastructure to support central bank digital currencies (CBDCs). ZhongAn insurance launched the first digital yuan insurance policy. Curtains close on the longtime duel between Bitmain’s two co-founders with a $600 million settlement. Local governments in China continue to deploy and test blockchain applications.
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The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Dec. 22-26.
BSN eyes CBDCs
- The company building the BSN, the Chinese government-backed “internet of blockchains,” is working on two projects to tap into CBDCs.
- Red Date is working with eight major banks and tech companies to build a payment layer for CBDC and stablecoin on the BSN that will launch in the first half of 2021.
- The company is also a standalone public chain that substitutes cryptocurrencies with CBDCs and stablecoins.
READ MORE: EXCLUSIVE: BSN architect firm eyes CBDC with two new projects
Digital yuan insurance
Online insurer ZhongAn and China Construction Bank launched the country’s first insurance policy that is payable in digital yuan. Individuals who have taken part in the digital yuan tests can buy the eLife insurance policy. (Jiemian, in Chinese)
Bitmain conflict settled
The fight between the two co-founders at the world’s largest cryptocurrency mining equipment manufacturer appears to be drawing to a close.
At a shareholders meeting on Dec. 28, a deal to split the company between the dueling co-founders was approved and will be implemented in January.
Under the deal, Zhan “Micree” Ketuan will take over Bitmain’s mainland business, including cryptocurrency mining rig manufacturing and domestic mining operations. Zhan will mortgage company shares worth $600 million to buy out Wu Jihan’s stock.
The company’s overseas mining operations, cryptocurrency wallet BTC.com, and computer power-sharing platform Bit Deer were spun off with a $90 million valuation and will belong to Wu.
Government moves
- Beijing announced the third batch of projects in its fintech sandbox, a central bank-supported program to trial innovations in financial services. The proportion of blockchain-based projects rose, accounting for two of the four projects compared with two out of 11 in the previous batch. (China Banking News)
- China Zheshang bank and Zhejiang University released the country’s first white paper on blockchain-powered supply chain finance. (Gold Finance, in Chinese)
- Authorities in Zhejiang province launched a blockchain-based app to help police monitor live-streamed e-commerce. (Zhejiang government)