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The San Francisco federal bank is scouting for a software developer to research and design a CBDC to facilitate dollar transactions.
The Federal Reserve Bank of San Francisco is reportedly searching for software engineers to help develop a central bank digital currency (CBDC). The San Francisco Fed recently posted a job vacancy for a CBDC developer as it looks to explore associated costs and benefits. According to the information, the required software developer would research and design the centralized digital currency.
Describing the vacancy as a job listing for a “senior application developer – digital currency,” the LinkedIn post reads:
“As part of the Federal Reserve’s mission to promote accessible, safe, and efficient systems to facilitate dollar transactions, the Federal Reserve System seeks a technologist to perform central bank digital currency research and development.”
In addition, the job ad also suggested that the pivotal role of the US dollar necessitates a supporting CBDC. As the Federal Reserve Bank of San Francisco put it:
“Given the dollar’s important role, Federal Reserve System seeks to further understand the cost and benefits of the potential technologies for central bank digital currencies and how the system better understands this emerging field.”
Further Details of the San Francisco CBDC Developer Job Opening
The job listing further elucidates the importance of the CBDC developer role and its centrality to advancing the financial ‘needle’. Key responsibilities entail developing novel systems related to CBDCs and identifying opportunities to improve existing systems and metric-based workflows. In addition, the San Francisco Fed wants a CBDC developer that can identify improvements and mitigate risks. The developer will also provide direction for platform/product operations.
According to the job listing, the sought-after senior application developer would also collaborate closely with cross-functional teams and management. The person would work out of San Francisco, California, with a base salary of 110,300 to $176,300.
The job listing attracted interest from around 45 applicants within 24 hours of its posting, indicating the level of keenness. Furthermore, the advertised position is one of three job listings initially published on the Federal Reserve System Careers platform in early February. In addition to the senior application developer role, the federal bank also seeks a Lead Application Developer.
CBDC Global Development
CBDCs are tokenized versions of a country’s fiat currency. This means that although they are digital currencies that use blockchain technology, CBDCs are ‘centralized’ and still controlled by a central bank. Furthermore, these digital currencies are similar to stablecoins by tracking the value of government-issued currencies.
CBDC popularity in the traditional finance system is fast-spreading across the globe, with several central banks looking to implement their versions. According to the American think tank the Atlantic Council, a growing number of countries are in varying stages of CBDC development. For instance, seventeen nations, including China and Russia, are currently piloting a CBDC. Furthermore, 33 other countries, including the United States and Japan, are developing a central bank-backed digital currency. Last Friday, Japan announced that its CBDC pilot program would launch in April.
The Atlantic Council also added that 11 countries have fully launched a CBDC. These include the Bahamas, China, Nigeria, and Jamaica.