• The Federal Reserve Bank of San Francisco has announced a vacancy for a CBDC developer to explore the cost and benefits of the potential technologies for central bank digital currencies.
• The job description includes developing systems related to CBDCs, identifying improvements, and mitigating risks.
• Japan and Russia have also announced upcoming pilots for their own central bank digital currencies.
San Francisco Fed Seeks CBDC Developer
The Federal Reserve Bank of San Francisco has announced a vacancy for a CBDC developer as the federal bank aims to explore the cost and benefits of the potential technologies for central bank digital currencies. The job description includes developing systems related to CBDCs, identifying improvements, and mitigating risks. The base salary ranges from $110,300 to $176,300.
Requirements
In order to qualify for this position, candidates must have experience designing and maintaining digital payments, cryptocurrencies, or CBDCs as well as knowledge of cryptographic protocols such as zero knowledge proofs, consensus algorithms, and security.
Japan & Russia Join the Race
Japan and Russia have become the latest countries to join the CBDC race by announcing upcoming pilots. On Friday, Japan’s central bank said it would roll out a pilot program to run experiments on the use of a Digital Yen while on the same day, Bank of Russia announced its plans to launch a pilot on April 1st. Currently over 95% of global GDP is represented in countries exploring their own national digital currency.
Applications Received So Far
At time of writing 46 individuals had applied for this role at San Francisco Fed with more expected in coming days. Interested applicants can apply through their website before May 2nd 2021 or contact them directly if they require further information regarding this role or any other queries they may have about working with San Francisco Fed’s team in general.
Conclusion
The development of Central Bank Digital Currencies (CBDC) is gaining momentum across many countries due to its potential advantages over traditional fiat money such as faster transactions times and lower costs associated with them being stored digitally rather than physically printed notes that incur costs in production and distribution costs etc.. It is clear that these companies are investing heavily into research around this technology in order to be one step ahead when it comes time for full scale implementation should it ever happen which looks more likely every day given how far along some projects already are within different countries around world today!