It is not the first time rumors circulate regarding China planning to issue their own digital currency in the future. A recent statement by the People’s Bank of China seems to confirm those suspicions, as the institution is actively looking for blockchain developers. The job opening can be found on the bank’s website and appears to indicate a national digital currency is coming to China sooner than expected.
China Wants A Blockchain-based National Currency
The vast majority of financial news related to China makes little to no sense to the average person. But when the People’s Bank of China acknowledges their plans for a blockchain-based digital currency, things make a lot of sense all of a sudden. The new job opening posted on their website seems to confirm the development of such a currency is imminent.
To be more precise, the PBOC is actively recruiting blockchain experts to develop a prototype for a national digital currency. That does not mean the country will go ahead with these plans, as it will require plenty of research and development before such a decision can be made. That said, the bigger question becomes what China plans to do with its national digital currency in the future.
Requirements to apply for this job are rather intriguing, to say the least. Applicants need to be native of the Republic of China and be between 18 and 35 years of age. The age requirement strikes people as rather strange, although it goes to show the PBOC prefers applicants who are not “stuck” in a traditional way of thinking.
Moreover, the application time is fairly limited, as submissions will close on November 19th, by the look of things. Users can log in through an online portal to submit their qualifications, which is a nice touch. Qualification results will be made public in December, and the written examination takes place on December 10th. Test sites are located in both Beijing and Shanghai.
Not too many specifics are known regarding the digital currency itself. As was to be expected, the People’s Bank of China will remain in full control of this currency, and issue it as they see fit. It seems unlikely cash or other traditional payment methods will be replaced, though, Instead, it is plausible to conclude the digital currency and traditional Yuan will co-exist for the foreseeable future.
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