The Chinese central bank wants to develop its digital money

12/10/2018

 

The PBOC is hiring cryptographers to develop a sovereign virtual currency

 

The development of cryptocurrencies continues and spreads more and more in the world. In fact, its digital nature makes this type of coin very easy to use. However, very often encrypted currencies such as bitcoins present security and management problems.

This is probably why the Chinese central bank has decided to ban its trade and has decided to create its own sovereign virtual currency that can be cheaper to manage and easier to track down.

 

China’s central bank is hiring cryptography experts

 

Indeed, according to job posts made public on Wednesday as part of the central bank’s annual hiring for 2019, the Digital Currency Research Institute of the People’s Bank of China (PBOC) is seeking talent focused on areas ranging from finance to cryptography.

Going more specifically to the figure, the Chinese bank is trying to hire a total of four employees specializing in computer science, cryptography or microelectronics and holding a master’s or a master’s degree.

 

China has banned everyday investors from trading cryptocurrencies

 

The roles include the research and development of software, encryption models, and chips used for digital fiat currency and its trading. Preferred candidates include those who have experience in blockchain and big data

In 2014 the PBOC began such initiatives by forming a research group, and last year officially launched the Digital Currency Research Institute headed by Yao Qian, and last September, Chinese regulators banned initial coin offerings, declaring the novel crowdfunding method involving cryptocurrencies illegal.

Zhou Xiaochuan, the then central bank chief, said in March that Beijing’s ideal digital currency “must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers”.

 

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