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PBoC is Hiring Blockchain Talents to Accelerate the Development of Digital Fiat

The People’s Bank of China (PBoC), the country’s central bank, is looking to expand the blockchain and digital currency research team as it ramps up efforts to develop a state-backed  fiat digital currency or even a yuan-pegged stablecoin.

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According to the recruitment notice issued by the PBoC on Wednesday, its research arm, the Digital Currency Research Institution is actively looking for blockchain developers and financial specialists. Among the four positions it has opened, two are engaged in the design and development of software and hardware systems for digital money. Candidates must hold a  master’s or a doctoral degree in cryptography,microelectronics and computer science. And those  with big data, chip design, and blockchain experience will have preference.

Besides, the research institution also plans to hire an economic law professional who is expected to handle legal affairs of the institution and conduct legal research regarding the central bank-issued digital currency(CBDC). The fourth position is engaged in the analysis of the CBDC’s economy, mechanism design, risk management and policy research. A candidate with a Master’s degree in financial engineering are particularly desirable and will be preferred.

The hiring drive comes after the Digital Currency Research Institution has set up two branches outside Beijing recently to encourage the deployment of blockchain technology in real-life projects. One fintech research center is established in Nanjing in partnership with the municipal government, and the other is a Shenzhen-based wholly-owned subsidiary known as Shenzhen Financial Technology Co., Ltd.

As stablecoins have recently become a hot topic with two USD-backed cryptos launching in the U.S. in September, scholars and senior officials in China call for the research efforts in yuan-pegged stablecoin. Wang Qinghua, a professor from China’s Fudan University, stated in an op-ed piece that the development of USD-pegged coins will strengthen the dollar’s role as a dominant global reserve currency which could have a negative effect on other major fiat currencies.Therefore, China should support domestic institutions issuing yuan-backed and testing the central bank digital currency prototype in a controlled environment.

The director of the Digital Currency Lab, Yao Qian, shared similar thought. In a recently published article, Yao pointed out that the government regulated stablecoin could be part of financial infrastructure and the underlying system. “ In the world of digital assets, the lack of authority-issued digital fiats is the root of the existing problem. The stablecoin can be partly solve the problem. Thus the issuance of the CBDC should consider using blockchain technology.” Yao said.

With the latest hiring spur , the world’s second-biggest economy is one step closer to the issuance of its own digital cash.

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