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Banks from around the globe are working on digital assets

Holder of doctorate degree and senior economist, Yao Qian, became the director of the People’s Bank of China’s “Digital Currency Research Institute” when it was established in 2017. Qian has years of experience with the China Securities Regulatory Commission (CSRC) and has done extensive research in the field of blockchain. In 2017, he wrote an article titled “Can Cryptocurrency & Central Banks Coexist?” at a time where most central banks had very little knowledge regarding how to go about this new technology.

Today he no longer occupies that role and instead became the general manager at the China Securities Depository and Clearing Corporation (CSDC) since 2018. Today, according to Chinese journal based in Beijing, Yao Qian will again change roles to become the director of a new functional department that the CSDC is looking to create: the science and technology regulatory bureau.

China’s neighbour South Korea, had their central bank clearly state that they are not looking to issue a central bank digital currency, Nonetheless, they are looking to hire a PhD level specialist to be in charge of digital innovation research in payment and payment field. These pieces of information are clearly not coherent and time will tell us which one is actually true.

In Europe, France’s central bank governor François Villeroy de Galha, stated a few weeks ago “We intend to start experimenting quickly and launch a call for projects (for private sector players) by the end of the first quarter of 2020. The digital euro will initially be used between banks, rather than by everyday citizens”. Although it cannot be confirmed, we can speculate that this push towards research and development in digital currencies lead by central banks, has likely been ignited by Facebook’s Project Libra announcement earlier this year.


Image licensed via Pexels

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