China's central bank, known as the People's Bank of China (PBoC), is on the hunt for specialists in digital currency and blockchain technology.

The People’s Bank of China ( PBoC As detailed in a recent document available on their website, the PBoC is in search of experts in cryptocurrency. website The bank has announced four new job openings for engineers skilled in areas such as blockchain, cryptography, security, and chip design to join their Digital Money Institute.

State Virtual Currency

These new hires will be tasked with developing a robust big data framework capable of handling crypto transactions across China, as outlined in the document. This involves the creation of encryption methods and security protocols, along with the development of software systems linked to digital currencies and research into chip technologies for transaction terminals.

Additionally, the PBoC aims to bring on board individuals with backgrounds in economic law and finance to oversee the legal and regulatory research of digital currency as well as risk management protocols.

This announcement follows a recent editorial featured in CN Finance, a local financial publication associated with the PBoC. published In this article, bank experts expressed concerns about the influence of newly introduced USD-backed stablecoins on the Chinese yuan, cautioning that such stablecoins, including USDT, GUSD, PAX, and TUSD, could enhance the global dominance of the U.S. Dollar and potentially undermine the yuan over time. They further suggested that state-backed digital currencies could shape the future of financial systems.

China has been contemplating the introduction of its own digital currency for some time, as reported by the South China Morning Post. The PBoC began assembling a research team in 2014, escalating its efforts last year with the formation of the Digital Currency Research Institute, which is led by Yao Qian, a senior official in the bank's technology department.

The research institute, which predominantly comprises computer science experts, is now initiating its first official recruitment drive for crypto and blockchain-related roles. stated While there's no set timeline for the launch of a state-backed digital currency, Zhou Xiaochuan, the former head of the PBoC, emphasized the necessity for the digital currency to support financial stability and protect consumers' interests.

Read: Shifts in policy are evident as the Chinese Communist Party recently published an introductory guide on blockchain technology.

He commented that from China's perspective, the trade of virtual assets requires caution, as finance should fundamentally support real economic growth.

In their endeavour to develop a state-supported stablecoin, the PBoC commended the achievements of China's stringent regulations on cryptocurrency activities in a public notice last month.

The domestic market's share of global virtual currency transactions has plummeted from 90% to below 5%, greatly minimizing the risk of a cryptocurrency bubble that could disrupt China's financial stability, as noted.

The bank also issued separate warnings Investors are reminded of the significant risks linked with Initial Coin Offerings (ICOs) and crypto trading, both of which are seen as potentially disruptive to economic and social order.

ICOs have been flagged for activities that resemble illegal token sales, unauthorized securities issuance, and other fraudulent practices.

Anti-Crypto Measures

The Chinese government's stringent crypto regulations, dating back to 2017, led to the shutdown of various exchanges, including industry giants Binance and OKEx. anti-crypto measures Further crackdowns ensued over the summer, including the prohibition of venues hosting crypto events in certain areas, while tech firms such as Baidu, Alipay, and Tencent have imposed stricter surveillance. ban media accounts Jimmy, based in the UK, has been tracking the evolution of blockchain and sees it as a potential democratizing force in finance.