While the Chinese government has not actually passed any legislation regarding cryptocurrency, Regulators have set some pretty harsh restrictions such as a total ICO ban and severe restrictions on cryptocurrency exchanges and other platforms designed to propagate the use of cryptocurrencies.
Maybe now the Chinese government is searching for blockchain and cryptocurrency related experts. The People’s Bank of China is the country’s central bank and it controls the money supply and interest rate.
The PBOC has posted a notice on their website that they are looking to hire engineers with cryptocurrency experience and economic legal experts as they possibly embark on the creation of a Chinese yuan backed stables coin.
On October 9th, CN Fincance, a finance magazine owned by the PBOC, published an op-ed by Li Liangsong that asserted that China should develope its own stablecoin that is back led by the Chinese Yuan.
Liangsong is a researcher and finance expert for the PBOC and provides a strong argument for the adoption of a yuan backed stablecoin. He says that the existence other stable coins around the world could wind up hurting the value of money in the home land and that China can build on what’s already been explored.
“If the U.S. dollar-pegged stablecoins can eventually be widely recognized by the market and can prove their use in the real economy, we should double down on our research efforts and learn from relevant experience to support domestic institutions to issue yuan-pegged crypto stablecoins.”
As China shows a willingness to move forward with blockchain technology and the use of digital currencies, it opens up a possible base of users that is over 1 billion strong. With recent rumors of Baidu, “the Chinese Google” partnering with Tron and the creation of a yuan backed digital asset, maybe the Chinese government is beginning to open the floodgates for cryptocurrency adoption.