it almost is surreal as they pushed against this from the beginning but now S China digital money may soon be a reality.
The Bank of China (PBOC) is hiring cryptography experts by the masses as reported by the South China Morning Post (SCMP)
this is the latest in the Chinese efforts to have a state controlled cryptocurrency for its own means.
The institution is one which worries a lot about the effect of investor activity in the cryptocurrency market. this in great contrasted to the directive issues in 2014 by the PBOC that Bans any activity related to the cryptocurrency market.
Yet the Central bank of china started to build their own work force for building and developing their crypto in 2017.
in 2017 the Yicai Global reported that this targeted workforce would work from central Beijing as was to be names the digital currency research institute
This research institute would primarily focus on the latest in digital currency technologies and all the different applications that would benefit from cryptocurrencies.
the former deputy director of the PBOC’s science department, Mr Yao Qiann would be in charge of the overall project
since then they are expending with opening a new research institute expanded in Nanjing . the idea for this center is to create more interest n the technologies and its possible applications.
the pilot programs are to be implemented by state controlled banks and academic institutions which should result in blockchain hubs that would attract new developing talent and additional capital to further develop the cryptocurrencies.
“Beijing's ideal digital currency must ensure the smooth running of monetary and financial stability policies and at the same time protect consumers.”
Apparently, the ultimate goal for the Digital Currency Research Institute (DCRI) was to clear the path for a national cryptocurrency. Reports indicate that the fintech hubs will serve a purpose higher than initially believed. Reportedly, the hubs will serve as testing ground for China digital money. Here, the currency will undergo tests from prototype phase to future mass production.
and thus we get to the point that they are looking aggressively for new talent in the cryptographers and computer scientists sectors. now that more and more student have said good bey to the united states in the last couple of months after feeling they were less welcome this drive for finding new employment has only intensified and is answered by the large amount of brilliant young people coming back to live in chine after their education abroad.
The salaries are even higher then what they would have earned if they would stayed in the US and gone of to work in some of the companies in the Silicon Valley.
So we could expect that China is now also looking to become a world player in this industry as they have become the leaders in so many other fields.