China is simultaneously developing two ambitious projects that aim to digitize key parts of its economy and, if successful, may have broad implications for economies beyond its borders. Often conflated, the Digital Yuan (数字人民币, shùzì rénmínbì, also known as e-CNY) and the Blockchain-based Service Network (BSN, 区块链服务网络, qūkuàiliàn fúwù wǎngluò) are distinct technologies—and the success of either is not uniquely predicated on that of the other.