In order to investigate the costs and advantages of potential 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 significance of the dollar, the Federal Reserve System aims to get a deeper understanding of the advantages and disadvantages of potential technologies for central bank digital currencies.
According to the central bank, they are looking for a senior developer to put CBDC sample systems into practise. To make sure the bank “is well-positioned to design, develop, and execute 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 algorithms, and zero knowledge proofs.
By announcing forthcoming pilots, Japan and Russia have joined the CBDC race as the newest nations.
The Japanese central bank announced on Friday that it would launch a pilot programme to conduct studies on the use 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 American 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 programmes 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 programme.