China’s Central Bank appears to be launching its very own cryptocurrency sooner than later, as per the latest recruitment announcement by the People’s Bank of China (PBoC).
China Steps Closer to Launching New Cryptocurrency
Per the recruitment notice by the PBoC, the country wants to hire six more tech experts with an expertise in cryptography, econometrics, micro-electronics to spearhead the research and development for the country’s upcoming unnamed cryptocurrency.
The bank is majorly looking for candidates with working experience in similar fields such as systemic framework design, big data platform, research of cryptocurrency, payments and settlement systems, and blockchain tech development.
As the country is primarily looking to develop a country’s digital currency to work without an internet connection, much similar to paper notes, the new hires will be responsible for “develop the software system, conduct the research and development mechanisms, and the analysis of payment and cryptocurrency.”
With the recent reports being taken into consideration, the proposed digital currency by China might come in forth anytime soon in this year or early next year. However, China’s government official earlier stated that the currency resembles the features of Libra, a Facebook-led controversial cryptocurrency.
Alipay and WeChat Pay Shouts at Crypto Transactions
On the one hand, China seems a die-hard fan of its upcoming cryptocurrency – on the other hand, it is restricting the state-owned payment platform from dealing with bitcoin and other cryptocurrency-related transactions.
This is quite true with the latest Twitter post shared by Alipay, China’s one of the largest online payment solution provider. On October 10, 2019, Alipay officially revealed that it would maintain strict scrutiny to identify if there are crypto transactions carried out via Alipay.
The firm further mentioned that they would “immediately stop the relevant payment services” as soon as such transactions caught up.
Besides Alipay, WeChat pay also shared an official announcement, stating that they will never support cryptocurrency trading and has never integrated with any crypto merchant”. Moreover, as per the Dovey Wan, a crypto influencer states that WeChat stated;
“We welcome any whistleblower to report such behavior”
wechat pay also followed up with an announcement to reassure “wechat will never support cryptocurrencies trading, and has never integrated with any crypto merchant
And it says “we welcome any whistle blower to report such behavior” 🤯🤯🤯 pic.twitter.com/Kj4HTupkKZ
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) October 10, 2019
With that being said, China seems to have strict control over the country’s own payment networks in terms of crypto-related transactions.
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