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November 16, 2016

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Home » Business » Finance

PBOC aims to develop digital currency

By Leng Cheng | November 16, 2016, Wednesday | Print Edition

CHINA’S central bank is recruiting blockchain experts to step up efforts to develop an official digital currency.

The People’s Bank of China’s institute of printing science is offering six positions for the design and development of digital currency-related software and hardware framework, a recruitment notice said, adding that candidates with experience in blockchain and Big Data technologies will be preferred.

The candidates must hold master’s or doctoral degree in computer science, information security and cryptography, according to the notice.

PBOC set up a special team in 2014 to look into digital currencies, research the legal, monetary and technological framework, and study the impact of digital currency on the economy and financial systems.

However, PBOC Governor Zhou Xiaochuan said in a previous interview with Caixin magazine that there’s no timetable for the launch of the digital currency.

Central banks in UK, Russia, Canada and Australia have also showed interests in developing blockchain-based digital currencies.

Blockchain technology is not just useful for creating digital currencies or developing new financial technologies. They can be used for a wide variety of applications, such as tracking ownership or the provenance of documents, digital assets, physical assets or voting rights.

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