China is developing a system of cross -border payments for settlements in stablecoins and CBDC – Bits Media

Hong Kong Company Red Date Technology, Technical architect of the Blockchain Service Network National Platform, announced the launch of the system of cross -border payments for calculations in digital assets.

Universal Digital Payments Network (UDPN) will play the same role, that the society of worldwide Interbank financial telecommunications (SWIFT). Instead of fiat currencies in the system, stablecoins and digital currencies of central banks will be contacted (CBDC).

“Like that, How the SWIFT network has created the initial general message exchange standard between financial institutions in different calculation systems, UDPN will serve the same purpose for the new generation CBDC and stable coins ", - The announcement says.

Developers consider the launch of UDPN and digital assets as a convenient way to get around the possible restrictions on the part of SWIFT, which can potentially be used as a lever of political pressure.

In September last year, Blockchain Service Network supported by the Chinese government (BSN) Opensively launched the SPARTAN NETWORK service outside the mainland China - blockchain infrastructure without cryptocurrency participation.