Update: Future Direction of BBN

On January 10, 2019, the Chinese government released new regulations around blockchain that prohibit the use of tokens to pay for service within China. These regulations will be in effect starting February 15, 2019. You can read about these new regulations here (Google Translate to English).

Relevant entities engaged in blockchain within China will be required to file records in accordance with these regulations. Going forwards, customers within China will not be able to use BBN as a payment method to access our data APIs. These new regulations will have a large impact on Banyan Network’s existing operations. Currently, the team is exploring the potential of a new structure where Banyan Network does not get directly involved with the customer and BBN through the development of an open source Banyan Network Protocol. The team is also exploring the use of BBN in overseas markets. More details to come in the next update.

Further, the scheduled buyback of the 12.1 Million BBN purchased by our customers will continue as planned and information will be released on a quarterly basis.

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