Cryptocurrency enthusiasts are aware of the PBoC’s interest in digital currencies. The institution has intervened in Bitcoin affairs on multiple occasions. It now appears the PBoC Digital Currency Research Institute is up and running. The facility is located near Deshengmen, Beijing. It is quite interesting to see a bank officially acknowledge digital currency research.
The PBoC has always shown an interest in the concept of digital currency. At first, the institution attempted to introduce new regulations. Earlier this year, new AML guidelines were introduced. As a result, various exchanges struggled with cryptocurrency withdrawals for a while. The institution’s next step is launching an official Digital Currency Research Institute. That is rather peculiar, yet it seems to be a real project. More specifically, it is located in the same building as various China Banknote Printing and Minting Company subsidiaries.
Digital Currency Research Institute Opens its Doors
It also appears this Digital Currency Research Institute is made up of seven different departments. This goes to show the PBoC sees it as more than just a random project. It is unclear how many people will be employed by this new venture, though. it is also worth mentioning the PBOc issued a recruitment notice for such a project in 2016. At that time, it was a bit unclear what the bank’s plans were exactly.
It is evident the PBoC has not given up on issuing its own digital currency. Rumors of such a plan are circulating for quite some time now. However, the bank never officially announced a data for the development of such a project. With the Digital Currency Research Institute up and running, things could change rather quickly. China would be the first major country to issue its own national digital currency. Russia, and potentially the United Kingdom, are thinking along those same lines right now.
Last but not least, the Digital Currency Research Institute is a part of the PBoC FinTech Committee. Digital currencies can make a big impact in the FinTech race, that much is evident. This open-minded attitude toward blockchain and digital currencies is quite remarkable. The PBoC is definitely on to something in this regard and it will be interesting to see how things play out.