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PBoC Is Seeking Blockchain Talent to Help Build Its Central Bank Crypto
China's central bank is looking to recruit blockchain tech and legal experts as it continues development of a yuan-based digital currency.
By Wolfie Zhao
Updated Sep 13, 2021, 8:28 a.m. Published Oct 11, 2018, 12:00 p.m.
The People's Bank of China (PBoC) is looking to recruit blockchain tech and legal experts as it continues development of its central bank digital currency.
According to various employment ads posted on Tuesday, the central bank is currently hiring four engineers with expertise on system architecture, chip design, blockchain development and application, cryptography and security protocol design.
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Based on the job descriptions, the engineers will be responsible for developing a fiat-linked digital currency software, a cryptography and security model, and a chip processor for making end-point digital currency transactions.
Further, the central bank is also seeking to boost its manpower for the study of the legal and economic implications of launching a CBDC.
The PBoC lab aims to recruit two experts in finance and economics to focus on analyzing the economic theory and designing a monetary mechanism for issuing a CBDC, as well as any potential regulatory risks.
While the central bank didn't reveal the current size of its digital currency research team, which was launched in July last year, the hunt for new talent signals the central bank is doubling down on its efforts to develop and roll out a yuan-based national digital currency with the core features of a cryptocurrency.
The recruitment drive follows a recent CoinDesk report that the digital currency lab had filed more than 40 patent applications within 12 months of its establishment, which combine to outline the big picture of how the PBoC is approaching its goal.
Each of the application focuses on a certain aspect of a digital currency system. When viewed all together, they describe a technology that issues a digital token and can be stored and transacted in a peer-to-peer fashion.
PBoC image via Shutterstock
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