China is taking charge in the digitization of the world economy.
Yesterday, it revealed a testing environment for its DC/EP central bank digital currency (CBDC), which may one day supplant physical cash in the second largest economy. Further, high ranking officials set April 25 for the launch of its national blockchain platform, the Blockchain Service Network (BSN), which will enable developers to plug in and code blockchain applications on a centralized platform.
You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here. Here’s the story:
Crypto’s Great Leap Forward
- China will launch its national blockchain platform, part of the country’s grand strategy to lead the digital transformation of the world economy, on April 25. Led by the State Information Center, the BSN enables companies and software developers to build blockchain-based applications as easily as assembling Lego sets (at least in theory). “The move is very much like the ‘One Belt One Road Initiative’ in which China provides other countries with infrastructure and gains some first-mover advantage,” said China hand James Cooper, director of international legal studies at California Western School of Law.
- The Agricultural Bank of China (ABC), one of the nation’s four state-owned banking giants, released an interface for whitelisted users to test the country’s CBDC. A front-end interface shows how users could potentially interact with China’s CBDC, known as DC/EP, including paying via a QR code, receiving and sending payments and initiating transactions by touching another user’s phone.
Black Thursday Fallout
- A class-action lawsuit has been filed against the Maker Foundation on behalf of investors who lost funds following a protocol…