People’s Bank Of China Recruiting Cryptography Experts To Help Develop Its Own Digital Money

China’s central Bank published a document on October 10, 2018, through its official website revealing that it is looking for cryptocurrency and blockchain experts to develop a proprietary platform for crypto transactions.

0

China’s central Bank published a document on October 10, 2018, through its official website revealing that it is looking for cryptocurrency and blockchain experts to develop a proprietary platform for crypto transactions.

PBoC looking to develop its own digital money

The document (in Excel format) stated that the People’s Bank of China (PBoC) is looking for four experts that are focused on various areas ranging from finance to cryptography, with the bank looking finish filling the positions by early next year.

Among the four specialists the bank is seeking, two should be engineers who have an experience in blockchain and cryptography, security, and chip design.

They would be tasked with developing a secure big data platform and a chip processor which would enable cryptocurrency transactions to take place.

The document added that the engineers would also be tasked with taking care of cryptocurrency related software systems, encryption technology, and security models.

They would also be responsible for researching transaction terminal chip technology and developing afterward.

The bank is also seeking two experts in economic law and finance as they would be in charge of the project’s legal research, and the analysis of economic mechanisms.

They would also be tasked with risk management and policy research on legal cryptocurrencies.

China leading the way in developing sovereign cryptocurrency

South China Morning Post reported that even though the Chinese government banned everyday investors from trading cryptocurrencies, the PBoC leads the world in terms of the development of a sovereign virtual currency.

The PBoC started the initiative by putting together a research team in 2014.

The move was intensified last year after they launched the Digital Currency Research Institute headed by Yao Qian who is a senior official of PBoC’s technology arm.

Even though the research institute has traditionally hired experts in computer science, this is the first time that they are seeking talents in cryptography.

The bank has yet to reveal the timeline for the launch of its fiat cryptocurrency.

Zhou Xiaochuan, the former PBoC chief stated in March that the ideal digital currency must ensure the smooth running of monetary and financial stability policies. It should also be able to protect consumers.

Even though the PBoC has remained quiet on the size of its digital currency research team, the hunt for experts in the field shows that they are increasing their efforts to develop and roll out a yuan-based national digital currency.

It is expected to come with the core features of a crypto.

PBoC advises the Chinese government to launch its stablecoin

On Tuesday, October 9, researchers from the PBoC advised the Chinese government to develop a yuan-backed stablecoin, according to local publication CN Finance.

The researchers pointed out that the availability of USD-backed stablecoins like USDT, GUSD, PAX, TUSD, and others will increase the role of the U.S. Dollar on a global scale, and will eventually suppress other fiats like the Yuan in the cryptocurrency space.

The researchers also explained that stablecoins will be the standard future currency as they believe that the evolution of the global monetary system would likely be achieved by a central bank-issued fiat digital currency.

Leave A Reply

Your email address will not be published.