Yao Qian, who founded the Digital Currency Research Lab at the People’s Bank of China (PBoC) last year, has now taken up the role of general manager at the China Securities Depository and Clearing Corporation (CSDC), according to an update from the firm on Monday.
While it remains unclear who will now fill the lead role at the digital currency lab, the news comes just days after it announced a new round of job openings, looking for both legal and technical experts to focus on the CBDC development.
Yao joins CSDC at a time when the state-owned entity – incorporated in 2000 and overseen by China’s securities regulators – is supporting initiatives in the country aiming to adopt blockchain in the traditional financial system.
Yao published an op-ed last Monday, Oct. 8 , in which he was still being cited as the PBoC’s digital currency research head. The article indicated the PBoC is developing a blockchain system for the ABS market in China.
The piece explained that the system will allow small and medium-sized enterprises that are looking to raise capital via ABSs to move data about their company transactions and credibility to a distributed network in order to speed up the issuance process.