China's central bank is attempting to create a digital currency, which means that the use of a national digital currency may be feasible sooner than expected. Currently, there is no timetable for when the currency will be made available. The People's Bank of China (PBOC) is seeking six developers with advanced degrees in computer science, information security and cryptography for positions to begin in 2017, according to the bank's annual announcement of job vacancies, released on Nov.15. In 2014, the bank established a research group for the study of digital currency, according to Yao Qian, the group leader and deputy director of the technology department of the PBOC. The team pushed forward achievements in areas such as technology and legal issues in 2015. A digital currency would potentially render unnecessary the cost associated with issuing paper currency, according to digital currency experts at a seminar in January. Currently, the central bank is working on the development of a prototype system, Yao said, adding that digital currency will co-exist with cash for quite a long time before the former eventually replaces the latter.
The People ’s ministry of finance is planning the development of a national digital currency to begin next year . Currently seeking software developers with advanced degrees in computer science , the central bank is already developing a prototype system for the currency although no exact date exists for the currency ’s official completion .