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Bank of China develops digital currency

People’s Bank of China has published on its website a number of vacancies related to the development of digital currency and the equipment, which is required for its operation.

Experts, who can work with blockchain and has a PhD in cryptography and information security, are invited.

The team, which studies the digital currency and alternatives, which could allow it to introduce and use it effectively, has been created and has already been working for more than two years. The team is studying the influence of the digital currency on economic and other factors. At the same time, they are adapting the legislation.

Currently, they are discussing the option that the digital currency will replace cash eventually during the transitional period and, according to Shanghai Daily, both digital and paper currencies will be used.

Manager of the People’s Bank of China said that the transition to the digital currency is inevitable, that is why, there is a need to prepare for the transition in advance.

Similar sentiments can be seen in other countries: India is experimenting with digital currency, and Sweden may introduce a new digital currency soon – a digital krona.


  • November 23, 2016 4:13 PM MSK