China-is-Hiring-Experts-to-Create-Central-Bank-Issued-Crypto-Currency

China is Hiring Experts to Create Central Bank-Issued Crypto Currency

So far, the People's Bank of China’s (PBoC) digital currency lab has filed more than 40 patent applications within 12 months of its establishment, as it doubles down on efforts to develop a central bank digital currency (CBDC).

But the digital lab seems to be in need of tech and legal expertise and has put out ads to fill the positions. The employment ad which has been sighted on different job boards specifies that the PBoC is looking to hire at least four engineers with expertise on system architecture, chip design, blockchain development and application, cryptography and security protocol design.

If employed, the engineers will be responsible for building a fiat currency-linked crypto platform, a chip processor for making end-point digital currency transactions, and a cryptography and security model.

Although the central bank didn't reveal the current size of its digital currency research team, which was launched in July last year, it appears to also be seeking to grow its manpower for the study of the legal and economic implications of launching a CBDC.

The ads also show that 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.

PBoC’s search 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.

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.

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