China’s central bank is reportedly recruiting crypto experts to create its own cryptocurrency despite its less than favorable stance to the market.
Exploring the Market
The People’s Bank of China (PBoC) appears interested in developing its own cryptocurrency. This is according to job posts by the Digital Currency Research Institute of the PBoC, reports the South China Morning Post.
The central bank is seeking talent that ranges from finance to cryptocurrency. The announcement, made last Wednesday, will see new hires from 2019. News of this may come as a shock to many. The PBoC hasn’t been shy of hiding its feelings toward the crypto market.
Last September, the central bank took the step of banning initial coin offerings (ICOs) in the country. Once a significant player in the market, the ban has seen platforms moving elsewhere. It also ordered Chinese crypto exchanges to cease operating services to domestic traders. However, while it has banned trading activities in the country for investors, it has been undertaking its own research into the market.
In 2014, the PBoC began initiatives of establishing a research group. This then saw it launching the Digital Currency Research Institute. The PBoC is seeking four new employees who specialize in computer science, microelectronics, and cryptography. Notably, this is the first time that the bank has requested expertise in cryptography.
During a political gathering in Beijing in March, Zhou Xiaochuan, the then chief of the PBoC, said that digital money “must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”
It remains to be seen when China will release its own cryptocurrency. Yet, despite banning trading among the market it’s apparent that it sees the benefits in it. Otherwise, why create their own version? Of course, this could be so that it doesn’t lose out to the competition, which is essentially what the crypto market is.
Yet, while the central bank may issue warnings, that doesn’t mean investors are taking notice. So much so, that in a report from September, it noted that China’s virtual investors are working hard to remain part of the financial revolution.
Do you think China will eventually eradicate the operation of cryptocurrencies in the country? Let us know in the comments below.
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