Kiffmeister’s #Fintech Daily Digest (09/01/2021)*

China’s state-backed blockchain network to expand to South Korea

“Red Date Technology, the company China tapped to manage its Blockchain Service Network (BSN) [is partnering] with South Korean blockchain company MetaverseSociety in what will be BSN’s first expansion outside greater China… [This] reflects China’s ambition to… build a global blockchain-based cross-cloud, cross-portal and cross-framework public infrastructure network.” 

Some say that the BSN is intended to serve as the backbone of China’s Digital Silk Road ambitions. Others argue that it is about encouraging the development of digital currencies, stimulate digital asset internationalization, and expanding Chinese developers’ access to the global crypto industry. In any case, the BSN is the only large-scale network that aims for seamless interoperability between international digital assets and applications across public and private blockchain networks.

CBDC Operating Model: One- versus Multi-Tier

I’ve written up a summary of recent thinking on retail central bank digital currency (CBDC) operating models (single- vs multi-tier) based largely on the work of Raphael Auer and his BIS colleagues, and the Bank of England CBDC team.  

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