Last September, Chinese regulators banned initial coin offerings, declaring the novel crowdfunding method involving cryptocurrencies illegal. In the same month, authorities ordered Chinese cryptocurrency exchanges to cease providing services to domestic customers. But looks like they have now realized that economies can’t function without Blockchain Technology at heart.
The People’s Bank of China (PBoC) is looking to recruit blockchain tech and legal experts as it continues development of its central bank digital currency. According to job posts made public on Wednesday as part of the central bank’s annual hiring for 2019.
Judging from the various employment ads posted on Tuesday, the central bank is currently hiring four engineers with expertise in system architecture, chip design, blockchain development and application, cryptography and security protocol design.
Based on the job descriptions, the engineers will be responsible for developing a fiat-linked digital currency software, a cryptography and security model, and a chip processor for making end-point digital currency transactions.
In 2014 the PBOC began such initiatives by forming a digital research group, and last year officially launched the Digital Currency Research Institute headed by Yao Qian, a senior official with the bank’s technology department.
The hunts for new talent signals the central bank is doubling down on its efforts to develop and roll out a yuan-based national digital currency with the core features of a cryptocurrency.
Further, the central bank is also seeking to boost its manpower for the study of the legal and economic implications of launching a CBDC.
The PBoC lab aims to recruit two experts in finance and economics to focus on analyzing the economic theory and designing a monetary mechanism for issuing a CBDC, as well as any potential regulatory risks.
They are yet to reveal a timetable for the launch of its fiat digital money. Zhou Xiaochuan, the then central bank chief, said during a political gathering in Beijing in March,
Beijing’s ideal digital currency “must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers”
The digital currency lab had filed more than 40 patent applications within 12 months of its establishment, which combine to outline the big picture of how the PBoC is approaching its goal.
Each of the application focuses on a certain aspect of a digital currency system. When viewed all together, they describe a technology that issues a digital token and can be stored and transacted in a peer-to-peer fashion.