PBoC ups efforts for digital central bank currency

October 11, 2018
Chris Wheal

The People’s Bank of China (PBoC) has energised its efforts for blockchain architecture, security and crypto design support, according to new job ads. The job description appeals are linked to the PBoC’s efforts to establish a yuan-based digital currency. 

It’s difficult currently to judge the exact size of the digital effort research team, which commenced efforts last summer. A Coindesk report suggests that the China’s central bank has filed at least 40 patent applications in the last year.

PBoC is – just – managing the tension between a nationwide crypto ban and its own state-backed digital currency

Mixed ‘control’ messages

The move by the PBoC is being closely watched given China’s current ban on cryptocurrencies and ICOs (September 2017), which gained momentum last year, forcing Binance amongst others, to find a new home. 

Despite the anti-crypto blockchain-not-bitcoin rhetoric the Chinese have been busy with the PBoC’s blockchain trading and finance platform in Shenzhen. The Chinese have already established a government-backed pilot zone in the Hainan province.   

Battling smog in downtown Beijing

Entrepreneur support

The PBoC is also supporting the development of blockchain-based trade finance platforms to suppoert interbank payments and help smaller business access finance.

However blockchain tensions hang about: in April a Shanghai blockchain conference was forced to shut down due to claimed ‘security risks’. There is on-going risk that China’s blockchain journey may go slower if a ban on cryptocurrencies remains in force, some critics suggest. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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