(Beijing) — China's central bank is looking to recruit experts in blockchain and big data to develop the country's own digital currency, and plans to establish a research institute by the end of the year.

The People's Bank of China (PBOC) announced on Tuesday that it will create five positions related to the development of digital-currency hardware and software frameworks, and another post for researching virtual money technology, including encryption and verification.

The recruitment advertisement said applicants with experience in developing big-data systems, cryptography, and blockchain technology — secure digital ledgers that record online transactions —were preferred.

PBOC sources told Caixin that the six new positions were part of a plan to establish a digital-currency research institute as early of the end of this year.

Until now, the PBOC's research has been theoretical, and there is no schedule for the issuance of an official Chinese electronic currency, according to the sources.

China's efforts to develop and issue its own virtual money, a term usually associated with bitcoin, came under the spotlight in January, when the central bank released a statement saying experts from the PBOC, Citibank and Deloitte were discussing a general framework for an electronic currency, and suggested it would not only reduce circulation costs, but also boost transparency and curb money laundering and tax evasion.

The PBOC claims that unlike bitcoin, the encrypted electronic currency that can be bought, sold and transferred without a bank, China's digital money will be legal tender backed by the central government, and that ultimately, both digital and paper currency will be in circulation.

Yao Qian, the head of the PBOC digital currency preparatory team, was quoted by the Financial News, a newspaper published by the PBOC, as saying the digital currency will be issued in selected money markets and its use expanded gradually.

Contact reporter Dong Tongjian (tongjiandong@caixin.com); editor Kerry Nelson (kerry@caixin.com)