While China is known for being extremely supportive of blockchain technology, the same cannot be said for cryptocurrencies. Still, there are some projects that are exceptions from the rule, such as Cosmos (ATOM), which is expected to be integrated into China’s Blockchain Services Network (BSN).
China’s BSN project will support Cosmos (ATOM)
China’s BSN recently revealed the intention to add support for Cosmos (ATOM) to its platform, whose primary purpose is to push blockchain adoption in the country. However, another goal that the project has is to work on bringing interoperability among numerous private chains.
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As mentioned, China is still very much against traditional cryptocurrencies, such as Bitcoin. Its people can still buy Bitcoin and hold it, but it cannot be used as a means of payment. However, while the country is barely tolerant of other cryptos, it still wants to become the global leader when it comes to blockchain technology.
As a result, it is prepared to support Cosmos due to its interoperability features and capabilities. The BSN team revealed that the permissioned version of the Cosmos project’s network was named WenChang Chain. Now, the team is ready to continue working on its mission of bringing small and medium enterprises to adopt distributed ledger technology (DLT).
BSN’s Executive Director, Yifan He, who is also an acting CEO of Red Dat Technology, commented on the move to add Cosmos support. He said that the project’s success is a major achievement for the blockchain ecosystem in China. According to him, China wanted to embrace public chain technologies for years, now.
However, the local regulators are not big fans of digital currencies, and so the BSN team had to find another way to do it. This led to the creation of the BSN’s Open Permissioned Blockchain (OPB), which will now interoperate with traditional permissioned frameworks in the BSN platform.