China’s Central Bank Hires Blockchain Experts to Launch Cryptocurrency

The central bank of China is hiring blockchain developers and experts to exploit the potential of the blockchain technology in economic and financial systems.

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China’s Central Bank Hires Blockchain Experts to Launch Cryptocurrency

The central bank of China, also known as the People’s Bank of China (PBOC), is hiring Blockchain developers and experts to exploit the potential of the Blockchain technology in economic and financial systems.

Earlier in November, the PBOC released an official recruitment notice on its Personal and Education Department website to garner talents and experts in the field of FinTech and Blockchain.

The PBOC stated that the institution is expecting to fill six vacant positions with Blockchain experts that have a doctoral degree in computer science and fundamental knowledge within the field of information security, big data and systems design cryptography.

Deploying unique digital currency

Ultimately, the end objective of the PBOC is to eliminate the presence of cash and replace current monetary systems by deploying a digital currency network.

Since the formation of a Blockchain research team in 2014, the PBOC and the Chinese government have expressed their optimism and willingness to launch their own cryptocurrency, which they believe would grant the government, the central bank, law enforcement and other government agencies an increased level of power and monopoly over money.

In the beginning of 2016, the PBOC wrote:

"The team ... should set up a clearer strategic target for launching digital currencies, overcome the key technological barriers ... and aim for an early launch of the central bank's digital currencies.”

Zennon Kapron, managing director of Shanghai-based consulting firm Kapronasia, also noted in an interview that the government has realized the benefit of implementing the Blockchain technology within existing financial systems in terms of security, cost-efficiency, performance and flexibility.

“They've recognised the opportunities the digital currencies have. If they did have something the government could monitor and use, that could fit into their longer-term plans,” said Kapron.

Roadmap

In spite of years of development allocated by the PBOC in Blockchain research, central bank governor Zhou Xiaochuan emphasizes that while digital currencies and the Blockchain technology are “irresistible,” the central bank isn’t quite ready to release the final product.

However, Xiaochuan stated that if and when the PBOC launches a digital currency, it will be designed in such a way that would prioritize privacy, user security and transparency.

Xiaochuan said:

“From the central bank's perspective, a digital currency should be designed in a way that can best protect people's privacy, but we also need to pay attention to social security and social order. We need to keep some necessary investigative instruments readily available to deal with criminal activities.”

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