China’s blockchain network splits after disagreement over public broadcasters

The China Blockchain Services Network, or BSN, was split into two separate entities following a disagreement over the integration of the public blockchain platforms.

The consortium was founded to promote the advancement of this technology in the country. It is currently being divided into two separate entities: BSN-Chain and BSN-International. The latter will be headed by one of the original members of BSN which happens to be a private company Red Date.

Major global banks are limiting their operations in Hong Kong for political reasons

China’s state-owned companies reject public blockchain platforms
A source familiar with the issue told Cointelegraph that this break was caused by the „rejection from its core, state members of the public broadcasters‘ integrations“. The consortium is led by the State Information Center, China Mobile Communications Corporation and China Union Pay, all state-controlled entities.

The source noted that the original plan was to add five blockchain networks to BSN: Ethereum (ETH), EOS (EOS), Nervos (CKB), NEO (NEO), Iq Option and Tezos (XTZ). They also indicated that this setback had caused delays and uncertainty about future deployment.

China adds a new city to its techno-financial initiative pilot

Two BSNs will be integrated
A Chinese media outlet reports that although the two entities will be independent, five of BSN-China’s nodes will be connected to BSN-International. At the same time, it points out that these five nodes would have to comply fully with the relevant local laws and regulations.

The momentum of the digital yuan CBDC is growing as more Chinese companies are tested
This development indicates that despite President Xi’s enthusiasm for blockchain technology, local elites remain concerned about public networks of this technology that cannot be easily censored or controlled.