The People’s Bank of China (PBoC) has revealed the details of its new research lab that focuses on cryptocurrencies and related technologies.

The reports on the central bank’s plans to set up a research institute focusing on this emerging sector have been doing the rounds since the beginning of this year. Local media sources have reported that the PBoC Digital Currency Institute is located on the 9th floor of Building C, Desheng International Center – an office build complex near Beijing's financial district.

The report also stated that the former deputy director of PBoC's technology department Yao Qian will serve as the institute’s director. The research center reportedly has seven divisions with research interests including blockchain and fintech, according to CoinDesk.

Last November, the PBoC had issued a recruitment notice to fill a number of positions at the institute. The details revealed that the bank is actively working on blockchain-based digital currency prototypes. The bank was looking to fill six positions, out of which five were for the development of software and hardware systems for the digital currency prototype and related platforms.

Earlier this year, reports suggested that the PBoC, along with a number of commercial banks including the Industrial and Commercial Bank of China, Bank of China and the private WeBank, completed a trial of a blockchain-based digital currency.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest