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China to release Ethereum clone deprived of cryptocurrency support

China to release Ethereum clone deprived of cryptocurrency support

Blockchain-based Service Network company, sponsored by the Chinese government, will present an international version of the Ethereum clone.

According to CNBC, China will introduce an international version of its Blockchain-based Service Network (BSN) as early as August of this year. 

In the words of CEO Yifan He, the development will eventually consist of a half-dozen publicly available blockchains with no access to cryptocurrencies. An Ethereum clone is going to be one of those networks. He argues that commission payments on such networks will be made with the U.S. dollar rather than as in traditional blockchains by using cryptocurrencies:

“The purpose of this is to drop the cost to use public chains to very minimal so that more traditional IT [information technology] systems and business systems can use public chains as part of their systems,” he said.

At the same time, the head of the company admits that the idea will be "hardly promoted during the first year or two," as the blockchain industry majority accepts only cryptocurrencies. However, as CNBC reports, the skepticism around BSN is likely to be caused more by the project's ties to Beijing than by the lack of cryptocurrencies.

Founded in 2019, the company is sponsored by the State Information Center, an entity overseen by China's National Development and Reform Commission. The state-owned telecommunications company China Mobile is also behind the project.

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