According to a document published on the People’s Bank of China website, the bank is looking to hire crypto-related professionals. PBoC has four positions that are open for engineers who have experience with cryptography, the blockchain, chip design and security to work on their Digital Money Institute.
Variety of Responsibilities; Could Include Stablecoin
The document explains that the professionals will develop a secure big data platform that will process cryptocurrency transactions in China. The job description includes developing a transaction terminal chip, creation of digital currency-related software, and creation of encryption technology and security models.
The bank also has plans to hire professionals who have experience in finance and economic law. They will be responsible for handling legal and policy research on virtual currencies and risk management.
The announcement comes after experts linked with the PBoC warned the government of the potential harm a recently launched stablecoin that is backed by the USD could cause the Yuan in the future. The experts argue that the presence of US dollar backed stablecoins like USDT, PAX, GUSD, and TUSD would boost the dominance of USD on the global scale. Eventually, this dominance will suppress the Yuan in the future.
The researchers also believe that the evolution of the monetary system will happen through a state-backed currency. For this reason, the see stablecoins as the future of currencies.
According to the South China Morning Post, the Asian nation has been contemplating developing a state-backed virtual currency for a while now. The PBoC formed a research team in 2014 and intensified efforts last year with the creation of the Digital Currency Research Institute.
The unit is headed by Yao Qian, a senior official of PBoC’s technology arm.
These will be the first blockchain hires the research institute will be making. Previous hires have been focused on experts in the computer science field.
However, the bank has not revealed the exact timeline when it plans to launch the state-backed stablecoin.
Zhou Xiaochuan, the former chief at PBoC says that the bank is developing a digital currency that “must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.