Skip to main content

China's Central Bank Opens New Digital Currency Research Institute

With the opening of its new cryptocurrency research lab, the People's Bank of China (PBoC) released the official address and other details about the effort this week.
According to local media, the PBoC Digital Currency Institute is located on the 9th floor of Building C, Desheng International Center, an office build complex near Beijing's financial district. Notably, the building also houses subsidiaries of China Banknote Printing and Minting Corporation, a state-owned corporation that carries out the minting of all renminbi coins, as well as the printing of renminbi banknotes
Yao Qian, the former deputy director of PBoC's technology department, will serve as director of the newly formed facility, which reportedly has seven divisions with research interests including blockchain and fintech.
A recruitment notice issued by the central bank in November revealed that the PBoC is actively developing prototypes related to blockchain-backed digital currency. Among the six positions it had open at the time, five were engaged in the design and development of software and hardware systems for digital money and related underlying platforms. 

The announcement comes at a time when the PBoC has been beefing up its R&D efforts for a state-backed digital currency.
Most recently, it was reported this January that the PBoC had completed a trial focused on how transactions and settlements might take place via a custom distributed ledger system.

Comments

Post a Comment

Popular posts from this blog

Police Bust Alleged $13 Million Crypto Pyramid Scheme

Police in China's northwestern city of Xi'An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people. According to a report  from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect who has has the surname Zheng, as well as three other accomplices. The report cited an investigation from the police who said the scheme used a cryptocurrency called Da Tang Coin (DTC) that is linked to DTC Holding  - a firm under the suspect's control and registered in Hong Kong - to allegedly hoax potential members of the pyramid scheme. In various promotional events in multiple cities in the country, the scheme claimed that new members can make 80,000 yuan (roughly $13,000) per day with an initial investment of $480,000 to purchase the DBTC at $0.50 per token, according to the report. These promises o...
Post a Comment
Read more

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan. What is Electroneum? Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine. Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background. It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins. Being a  cryptocurrency , Electroneum is created, held, and spent electronical...
Post a Comment
Read more

How to spend your Bitcoin and Ethereum in South Africa

As Bitcoin and Ethereum gain popularity among investors, an increasing number of users are creating cryptocurrency wallets. The wallets are either hosted through an online provider or stored on the user’s hardware. From these wallets, cryptocurrency owners can make transactions on a blockchain, interact with exchanges and other users, and in the case of the Ethereum blockchain, programme autonomous contracts. Sending cryptocurrency through the blockchain is quick and easy, but using cryptocurrency in lieu of fiat currency is still limited. South African stores and services are slower to adopt cryptocurrencies than more developed countries, but users can still buy products locally with Bitcoin or Ethereum. Stores There is a growing list of stores in South Africa which accept Bitcoin as a payment option – many of which offer the option by allowing users to pay with  PayFast . PayFast has partnered with South African Bitcoin exchange Luno to provide users with a way to ...
Post a Comment
Read more