Cryptography Experts On Demand As China Digital Money Nears Official Launch

Surprising as it may sound, China digital money may soon be a reality. To this end, the Peoples’ Bank of China (PBOC) is hiring cryptography experts, South China Morning Post (SCMP) reports. This is the latest efforts by the institution geared at developing a currency that will serve its interests.

The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. Interestingly, PBOC issued a directive in 2014 banning any activity related to the cryptocurrency market. Paradoxically, the central bank went on to constitute a taskforce that would lead the bank’s ambitions in cryptocurrency in 2017.

At that time, Yicai Global reported that the taskforce would operate within central Beijing. Dubbed digital currency research institute, the taskforce represents an official research arm of PBOC. Further, Yicai Global reveals that the research institute would primarily focus on digital currency technologies and applications. Furthermore, Yao Qian, former deputy director of the PBOC’s science department would head the outfit.

Fast forward, the research institute further expanded in September 2018 to launch a fintech center in Nanjing. According to reports, the move came as an effort to encourage fintech, which would incorporate real-life blockchain projects.

Particularly, the move is strategic in that it will apply technologies that come out of the Qian-led research lab. In addition, the application involves pilot programs implemented by banks and academic institutions. Most importantly, the main aim is to create fintech and blockchain hubs that would attract talent and capital to cryptocurrency.

Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.

Therefore, with the emerging vacancies for cryptographers and computer scientists, the plans might be nearing completion. This is because it is the first time the institution is seeking such skills, SCMP explains. Further, SCMP speculates that the institution might be still working on a cryptocurrency that will be easier to monitor. To reinforce the speculation, SCMP quotes a previous comment by the former PBOC chief, Zhou Xiaochuan who said in March:

“Beijing's ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”