San Francisco Federal Bank is interested in developing a CBDC system

by Feb 20, 2023CryptoNews0 comments

Within 24 hours of the job ad, 45 people expressed interest in working for the federal government to establish an in-house CBDC. The Federal Reserve Bank of San Francisco is searching for a software engineer to assist in developing and implementing central bank digital currency systems (CBDC).

The San Francisco Fed issued a job listing for a “senior application developer – digital currency” on February 18. The applicant is expected to assist the Federal Reserve in designing and implementing CBDC research platforms. The Fed’s post revealed its intention:

“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.”

To mention a few, essential duties include establishing CBDC-related processes, finding improvements, and managing risks. The employment is located in San Francisco, California, and the starting wage ranges from $110,300 to $176,300.

At the time of writing

At the time of writing, 45 people have expressed interest in working for the federal government to establish an in-house CBDC.

“The software engineer works directly with management, other developers on the team, development operations teams, and vendors to ensure that the Federal Reserve is well-positioned to design, develop, and implement technology to support a CBDC as required by the Board of Governors,” according to the job description.

While major economies worldwide experiment with CBDCs, India has enrolled 50,000 consumers and 5,000 merchants in its recently created digital rupee CBDC.

Rabi Sankar, deputy governor of the Reserve Bank of India, stated that the government intends to proceed with CBDC testing as smoothly as possible. He stated:

“We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly.”

The CBDC initiative in India is now functioning in five cities, with nine additional cities likely joining the experiment soon.

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