From the Chinese government’s perspective, cryptocurrencies are not considered legal tender; instead, they are categorized under a type of “virtual commodity," but some industry players believe the Blockchain Service Network (BSN) infrastructure can stimulate the development of virtual currencies like a CBDC.
During an interview with Cointelegraph, Eden Dhaliwal, Global Managing Director at Conflux Network, a layer-1 blockchain protocol and the only state-endorsed public blockchain project in China, stated that the government of China is highly motivated to launch a CBDC to “dominate the digital commerce landscape and make the economy future-ready.”