In line with a recent document published on the bank’s website, PBoC is seeking 2 engineers at their Digital Money Institute with expertise in blockchain and cryptography, security, and chip designing. The bank desires the engineers to develop a secure massive knowledge platform and a chip processor that may permit crypto transactions.
The engineers are going to be accountable for digital currency related software package systems, encoding technology and security models, along with transaction terminal chip technology analysis and development.
PBoC is additionally seeking consultants in economic law and finance who would be accountable for legal analysis, the analysis of economic mechanisms, risk management, and policy analysis on “legal digital currency.”
The move comes shortly after an op-ed revealed by CN Finance which is a native finance journal linked with PBoC — where the bank’s consultants describe the recently launched USD-backed stablecoins that they claim might negatively influence alternative fiats, including ‘Yuan’. The consultants further added that China should evaluate launching its own yuan-backed stablecoin whereas keeping the existing ban on cryptocurrencies.
The govt. of China primarily opposed cryptocurrencies back in 2017, once all of the country’s cryptocurrency exchanges were closed and ICO’s were prohibited. Later PBoC repeatedly issued warnings on risks of crypto mercantilism.
After the introduced ban, China has targeted on blockchain solutions. This season PBoC declared the launch of a blockchain mercantilism and finance platform in Shenzhen. The network is also expected to expand further to Guangdong, Hong Kong, along with Macau Bay Area and also permits cross-border trading’s.