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China's central bank to attempt development of digital currency

By Li Yan (People's Daily Online)    13:40, November 16, 2016

China's central bank is attempting to create a digital currency, which means that the use of a national digital currency may be feasible sooner than expected. Currently, there is no timetable for when the currency will be made available.

The People's Bank of China (PBOC) is seeking six developers with advanced degrees in computer science, information security and cryptography for positions to begin in 2017, according to the bank's annual announcement of job vacancies, released on Nov.15.

In 2014, the bank established a research group for the study of digital currency, according to Yao Qian, the group leader and deputy director of the technology department of the PBOC. The team pushed forward achievements in areas such as technology and legal issues in 2015.

A digital currency would potentially render unnecessary the cost associated with issuing paper currency, according to digital currency experts at a seminar in January. Currently, the central bank is working on the development of a prototype system, Yao said, adding that digital currency will co-exist with cash for quite a long time before the former eventually replaces the latter.

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