Cryptocurrency

PBoC Hires Experts on Blockchain & Digital Currency Domains

PBoC

When blockchain use case and digital currency (virtual currency) take place, there is an immense demand of all those that have strong domain expertise to execute this tech. In a recent news story, the Central Bank in China – the People’s Bank of China created a certain crypto-based position for which they may look upon the right candidature. The news came into light through the source of Bank’s website on 10th October.

Since the blockchain use case and digital/cryptocurrency have started their adoption by community users and corporates world-wide, PBOC may look forward to hiring two engineers having strong domain expertise on the blockchain, cryptography, security, chip design from the Digital Money Institute. The newly appointed specialist will actively involve for executing digital currency based software system, encryption technology, designing security models, and more on the research part namely transaction terminal chip tech research and development activities.

The entire story is not confined up to here, the PBOC is also hiring various experts on finance, economy and law domain that may look upon certain activities namely legal, financial and economic research, risk management, policy research among other domains.

The hiring spree at the PBOC came into light instantly after the central bank criticized the recently introduced USD backed stablecoins influencing negatively fiats currencies in the market mostly – Yuan. Those actively analyzing the perspectives are expected to recommend the Chinese Government to analyze the entire scenario especially when the country is poised to launch Yuan based stablecoin while certain restrictions on cryptocurrencies are already in place.

Let us not forget that the country started opposing cryptocurrencies and related activities since 2017 when all of the country’s crypto exchanges were shut down and ICOs were banned completely. Thereafter, PBOC issued certain warnings on Risks associated with Crypto based trading.

Unlike cryptocurrencies, blockchain has tremendous benefits in place. And so, after restricting crypto-based activities, China actively focus to introduce blockchain use case. With this, PBOC has already introduced the blockchain led trading and finance platform – Shenzhen. The entire platform will run across Hong Kong, Guangdong, Macau Bay Area allowing a trader to execute trade across the cross-border. Amid this, one of the official blockchain based pilot zones has been set up in the Hainan region!!

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