The Fed is Hiring Digital Currency Developers: San Francisco

SNEAK PEEK:

• The Fed has started hiring CBDC software developers.
• The bank offers a starting salary that ranges from $110,300 to $176,300.
• 17 nations are in the process of conducting a CBDC pilot program.

The Federal Reserve Bank of San Francisco has published a job listing for the position of a Central Bank Digital Currency (CBDC) developer to do research into the potential costs and benefits of various technologies that might be used for CBDC.

In light of the dollar’s importance, the Federal Reserve System is working toward gaining a more in-depth understanding of the benefits and drawbacks associated with using alternative technologies for central bank digital currencies.

The applicant will allegedly collaborate closely with management, other developers on the team, and suppliers. By doing this, the bank will be able to create and implement technologies that will facilitate a CBDC, according to familiar sources.

Moreover, essential responsibilities include the development of CBDC-related procedures, the identification of improvements, and the reduction of dangers, to name a few. The job can be found in San Francisco, California, and it offers a starting salary that ranges from $110,300 to $176,300.

According to the research conducted by an American think tank known as the Atlantic Council, an increasing number of nations worldwide are either in the process of adopting a CBDC or actively testing one. On the think tank website, it is said that 114 countries accounting for more than 95% of global GDP are investigating a CBDC.

According to reports, 17 nations, including Russia and China, are in the process of conducting a CBDC pilot program at this time. Meanwhile, 33 countries, including the United States and Japan, are in the process of creating a CBDC. 

Japan stated last Friday that its CBDC pilot program would begin in April. Eleven nations, including the Bahamas and Nigeria, have completed the introduction of their CBDCs.