Virtual Currency Issued By PBOC Will Not Use Blockchain Technology
While there seems to be a lot of doubt regarding the future of cash right now, the governor of China’s central bank feels virtual currency will eventually replace this archaic method of transferring value. At the same time, PBOC governor Zhou Xiaochuan was quick to add how the Chinese government will regulate all virtual currencies used as legal tender, indicating there are no plans to embrace Bitcoin by any means. People’s Bank of China Believes In Virtual Currency. To many people, it doesn’t come as a surprise to hear the People’s Bank of China reinforced their earlier statement....
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The bigger question is why blockchain technology would not hold such a big appeal for the PBOC anymore. Not too long ago, the Chinese government announced plans to issue their national virtual currency. RMBCoin, as this initiative is called, would see China become the first country to release a national digital currency. As one would expect, the PBOC will oversee the issuance and control of this new currency. However, it appears they may not use blockchain technology for this project after all, which raises a lot of concerns. Especially when considering the PBOC is working on a....
Recently, in a statement issued on its official website, People’s Bank of China (PBOC) has announced a plan to launch its own digital currency. In light of this big news from China, CoinTelegraph conducted a survey of industry experts to hear what they think of the move and how it affects the cryptocurrency market. If PBOC launches its own digital currency, will it have anything to do with cryptography at all? Can a centralized virtual currency ever compete with cryptocurrency where no third party involvement exists? “The PBOC already has a Digital Currency, it's called the Yuan. The only....
People’s Bank of China (PBoC) is officially launching a digital currency research institute on Jan. 29, one day after the celebration of the Chinese Lunar New Year. In an interview with a national newspaper China Securities Journal earlier this week, PBoC department of technology director Li Wei revealed the plans of PBoC to actively examine and explore Blockchain technology. Specifically, Wei stated that the central bank of China is interested in the ability of Blockchain technology to settle real-time transactions in a secure, cheap and efficient ecosystem of peer-to-peer users. To test....
The Chinese national bank, People’s Bank of China (PBOC) issued a statement on its official website on Wednesday, 20th January 2016 stating its intent to launch its own digital currency. PBOC held a meeting to discuss the possibility of creating its own digital currency. The meeting was attended by important dignitaries including the governor of PBOC, Zhou Xiaochuan, deputy governor, Fan Yifei, and currency experts from Deloitte and Citibank among other currency experts. The official statement issued by the PBOC read that the meeting held to explore the possibility of issuing digital....
The central bank of China, also known as the People’s Bank of China (PBOC), is hiring Blockchain developers and experts to exploit the potential of the Blockchain technology in economic and financial systems. Earlier in November, the PBOC released an official recruitment notice on its Personal and Education Department website to garner talents and experts in the field of FinTech and Blockchain. The PBOC stated that the institution is expecting to fill six vacant positions with Blockchain experts that have a doctoral degree in computer science and fundamental knowledge within the field of....