It seems to be a trend of launching a state-pegged cryptocurrency in the world. We’ve already reported about intentions of Iran, the U.K., India, and Japan to introduce government-backed cryptocurrencies. Well, China decided to follow this path as well.
People’s Bank of China (PBoC) recommended the government to increase the efforts in developing national stablecoin. The authorities from PBoC insisted that digital money backed by a national currency would be a promising concept pointed to the example of USD stablecoins Paxos Standard and Gemini Dollar.
Work, Work, Work
PBoC is actively searching for experts in crypto industry and blockchain technology to develop this area on a national level. According to the requirements, four experts specialized in cryptography, microelectronics, computer science, and holding a master’s degree or higher are needed.
This September PBoC Digital Currency Research Lab opened municipal fintech centers serving as platforms for testing the PBoC-issued cryptocurrency once it would go to production.