In order to investigate the costs and advantages of possible technologies for central bank digital currencies, the Federal Reserve Bank of San Francisco has posted a job opening for a CBDC developer.
On Saturday, the San Francisco Fed published a job listing for a “senior application developer – digital currency.” According to the job description, the applicant is required to help the bank build and deploy systems that are essential to CBDC research. The message said:
“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 understand this emerging field.”
According to the central bank, they are searching for a senior developer to put CBDC sample systems into practice. To make sure the bank is prepared to design, build, and install technology to support a CBDC as may be required by the Board of Governors, the applicant will work closely with management, other developers on the team, and vendors.
Also, crucial duties include creating CBDC-related processes, spotting improvements, and reducing hazards, to mention a few. The position is located in San Francisco, California, and pays a basic salary between $110,300 to $176,300.
The applicant must meet certain requirements, including experience in creating and managing digital payments, cryptocurrencies, or CBDCs. It’s also necessary to understand cryptographic protocols like security, consensus methods, and zero-knowledge proofs.
A total of 46 people have submitted applications for the post as of this writing.
By announcing forthcoming pilots, Japan and Russia have joined the CBDC race as the newest nations.
The Japanese central bank said on Friday that it will launch a pilot program to conduct studies on the usage of a Digital Yen. The Bank of Russia said that it is getting ready to launch a central bank digital currency pilot on April 1st on the same day.
11 nations, including The Bahamas, China, Nigeria, and Jamaica, among others, have introduced digital currencies, according to statistics from the US think tank Atlantic Council.
Importantly, 105 nations—representing more than 95% of the global GDP—are looking into developing their own digital currencies. By May 2020, just 35 nations, in contrast, were debating a CBDC. Moreover, 50 nations in all are engaged in advanced exploration (either development, pilot, or launch).
Two more nations that recently began CBDC programs are Brazil and India. According to reports, the deputy governor of the RBI said earlier this month that 50,000 consumers and 5,000 merchants are currently taking part in India’s CBDC pilot program.