China's central bank is hiring blockchain experts to launch digital currency

Baozou Comment : The People's Bank of China is also publicly recruiting blockchain developers and experts. This is because the central bank has also found that digital currency can help them better monitor the use of currency, which is also in line with the central bank's long-term plan. However, when launching digital currency, it will also give priority to privacy, user security and transparency, and will retain some necessary investigation tools to deal with criminal activities. It is a good sign that the People's Bank of China has begun to accept digital currency, but the actual launch still needs more consideration to meet China's national conditions.

Translation: Nicole

China’s central bank, also known as the People’s Bank of China (PBOC), is hiring blockchain developers and experts as it seeks to tap into the technology’s potential in the economy and financial system.

In early November, the People’s Bank of China published an official recruitment notice on its personal and Ministry of Education websites to recruit talents and experts in the fields of fintech and blockchain.

The People’s Bank of China said it hopes to fill six open positions with blockchain experts who hold doctoral degrees in computer science and basic knowledge in the fields of information security, big data and cryptography for system design.

Deployment of a unique digital currency

Ultimately, the PBOC’s ultimate goal is to eliminate cash and replace the current monetary system by deploying a digital currency network.

Since establishing a blockchain research team in 2014, the PBOC and the Chinese government have expressed a willingness to launch their own cryptocurrency, which they believe could give the government, central bank, law enforcement and other government agencies greater levels of power and monopoly over money.

In early 2016, the People’s Bank of China wrote:

“The team should establish a clearer strategic goal for launching a digital currency and overcome key technical barriers to launch a central bank digital currency sooner rather than later.”

Zennon Kapron, general manager of Shanghai-based consulting firm Kapronasia, told Reuters that the government has discovered the benefits of implementing blockchain technology in the current financial system, where security, cost efficiency, performance and flexibility can be greatly improved.

Zennon Kapron

Kapron said:

“They’ve seen the opportunity in digital currencies, and if they have something that the government can monitor and use, then that fits into their long-term plans.”

Roadmap

Despite the many developments in blockchain research by the People’s Bank of China over the years, central bank governor Zhou Xiaochuan stressed that while digital currency and blockchain technology are an “irresistible trend,” the central bank is not yet ready to release a final product.

However, Zhou said that if the PBOC launches a digital currency, it would be designed to prioritize privacy, user security and transparency.

Zhou Xiaochuan

Zhou Xiaochuan said:

“From the perspective of the central bank, digital currency should be designed to protect people’s privacy to the greatest extent possible, but we also need to pay attention to social security and social order. We need to retain some necessary investigative tools in order to deal with criminal activities.”