China's Top Bank Advertises Positions In Cryptos, Blochain
The bank has advertised a number of vacancies in blockchain and cryptocurrencies.
PBoC Steps Up Efforts To Launch Crypto Central Bank
China’s top bank (PBoC) is seeking to hire tech experts in blockchain alongside legal personnel. The move is part of the institutions plan to set up a cryptocurrency central bank.
The vacancies were announced in employment ads which were made public on Tuesday. The bank is looking for four engineers with specialization in system architecture, design of chips, development of blockchain application, cryptography and security protocol.
According to the description accompanying the adverts, engineers will be in charge of setting up a digital currency software linked to fiat. They will also develop chip processors that will be capable of initiating endpoint cryptocurrency transactions. The bank also wants to equip its staff with studies on the legal and economic understanding of unveiling a central bank in cryptos.
Additionally, the bank also seeks to hire two specialists in economics. They will be charged with breaking down the economic theory and setting up a monetary mechanism that will be used to distribute the central bank crypto. They will also look into risks that come with regulations.
At the moment, details about the crypto banks research staff remain unknown. The team was unveiled in last year. With the new vacancy advertisements, it means China's central bank is adding more staff to realize its main goal.
At the beginning of this year, China’s top bank stated the crypto sector will be one of its priorities in the coming years. Officials pointed out that it was a move to safeguard the national currency.
The recruitment comes at a time when media reports had indicated that the bank’s lab had applied over 40 patent requests in a span of one year within the setup. This development highlights a rough picture of how the bank is planning to roll out its goal.
A keen look at the applications shows that each has focused on a specific element of cryptocurrencies. Collectively, the applications have been described as a system that circulates digital assets that and can be stored and moved in a peer-to-peer model. The bank joined other global firms like Alibaba in making patent applications for blockchain products.