A major Chinese state bank is hiring 20 postdocs researching digital currency, quantum algorithms, cryptography, and more. Russia plans to launch a platform to test the digital ruble early next year. China’s central bank showcases a machine that converts 17 kinds of foreign currencies into digital yuan. A Chinese education company plans to mine bitcoin outside of China to make money after the country cracks down on private tutoring.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Nov. 3 to Nov. 10.
- The Industrial and Commercial Bank of China (ICBC)’s postdoctoral research station is hiring 20 postdocs. Researchers can choose one or two study areas from 39 provided topics, including digital currency, quantum algorithms, and cryptography. ICBC established the station in 2002 and has since educated 101 postdoctoral graduates. (Mypaypass, in Chinese)
- Russia plans to launch a platform to test the digital ruble next year. Elvira Nabiullina, governor of Russia’s central bank, said the platform prototype will be ready for early 2022. Russia plans to amend 13 pieces of legislation, including the Civil Code, Tax Code, Budgetary Code, Criminal Code, and Administrative Code, to establish the digital ruble. Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said the law must differentiate digital currencies, stablecoins, and the digital ruble. Since late 2020, China has become the first major economy to test and release its own digital currency, the digital yuan. (Yahoo)
- China’s central bank unveiled a foreign exchange machine that converts foreign currencies into digital yuan at the China International Import Expo held in Shanghai. The machine only requires a foreign passport, with no bank account or registration needed. The machine supports 17 different currencies. (Coindesk)
From teaching English to mining bitcoin
Chinese English training firm Meten EdtechX is getting into the bitcoin mining space, another example of an education company pivoting as China cracks down on private tutoring businesses. In September, the Nasdaq-listed company said that it planned to get into cryptocurrency mining and raised nearly $60 million in a new round of equity issuance. The company plans to build its own mining farm outside of China. In July, China launched a sweeping crackdown on private education, resulting in many key players’ stocks nosediving and numerous companies announcing plans to pivot to other industries. (The Block)