The Chinese central bank, the People’s Bank of China (PBoC), is looking for professionals associated with cryptocurrencies and blockchain. The information was published on Wednesday, October 10 on the bank’s website. China is opening up more and more to block network technology!
PBoC is looking for two employees for its Digital Money Institute. Requirements? Experience in the subject of blockchain and cryptocurrency, but also security and chip design. The bank wants engineers to develop a secure big data platform and processor that would enable transactions based on a network of blocks.
China is opening to new technologies
Engineers will be responsible for software systems related to digital currency, encryption technology and security models. In addition, for research and development of technology of transaction terminals.
It’s not everything. PBoc is also looking for experts in economic law and finance who will be responsible for legal analysis, study of economic mechanisms, risk management and the “legal digital currency” policy.
The actions take place now, after CN Finance publishes – in practice, the press body of the PBoC – an article on plans to launch a stable cryptocurrency. In the text, bank experts describe recently launched stablecoins supported by USD, which according to them may have a negative impact on other fiat currencies, such as yuan. Scientists and market observers also state that China should consider launching its own stablecoin, which would be based on yuan. Interestingly, in their opinion, this should not stand in contradiction with the simultaneous maintenance of the current ban on cryptocurrencies.
… or maybe not?
The Chinese government previously attacked cryptocurrencies and their supporters in 2017. At that time, all domestic cryptocurrency exchanges were closed, and initial monetary offers (ICO) banned. Later, PBoC repeatedly issued warnings about the risk of trading in cryptocurrencies.
The hostile approach to digital currencies did not, however, prevent the authorities of the Central State from supporting projects related to the network of blocks. After banned digital currencies, China has focused on blockchain solutions. This fall, PBoC announced the start of the blockchain trading and finance platform in Shenzhen. The initiative is also to spread to Guangdong, Hong Kong and the Gulf of Macau region, enabling cross-border trade. The official zone of blockchain companies was later established in the Hainan province as part of a dedicated technology park. President Xi also considers blockchain as the basis of the new industrial revolution.