The People’s Bank of China (PBoC), the country’s central bank, is expected to release a digital currency demo by the end of spring this year.

PBoC is looking for six new employees with masters-level or doctorate experience in computer science, information security and cryptography to work with it on the new prototype framework.

Issuance and withdrawal of the new digital currency would fall in line with regulations governing commercial operations. The digital cash will be issued to a commercial bank business pool, which will then provide it to customers.

The demo system is expected to be released after the Spring Festival in 2017 (29 January – 3 February) after a series of revisions and tests

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: