PBoC seeking to recruit blockchain tech and legal experts to develop its own digital currency

China’s central bank, the People’s Bank of China (PBoC) is seeking out blockchain tech and legal experts in its pursuit to develop its own central bank digital currency.

The bank is currently hiring a group of four engineers with expert knowledge in systems architecture, chip design, blockchainĀ development and application, cryptography and security protocol design.

The engineers, once hired, 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; based on the required job descriptions.

The bank is also seeking to study the legal and economic implications of launching a CBDC, by boosting its manpower.

The aim of the PBoC lab is to recruit two experts in finance and economics with a focus on analyzing the economic theory and monetary mechanism design for issuing a CBDC, along with any potential regulatory risks.

Although not revealing the current size of its digital currency research team, launched in July 2017, the central bank’s hunt for new talent suggests that it is doubling down on its efforts in developing and rolling out yuan-based national digital currency, that which will have the core features of a cryptocurrency.

According to a recent CoinDesk report on the recruitment drive, the digital currency lab had filed more than 40 patent application within 12 months of its establishment, combined to outline the big picture on how the bank will be approaching its goal.

Each application will focus on a specific aspect of a digital currency system. They describe a technology that issues a digital token which can be stored and transacted in a p2p fashion; when viewed all together.

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