Image source: Central BankThe Federal Reserve Bank of San Francisco has announced an open position for a CBDC developer, as the federal bank aims to explore the cost and benefits of potential technologies for central bank digital currencies.
The San Francisco Federal Reserve posted a job posting titled "Senior Application Developer - Digital Currency" on Saturday. The job description noted that the applicant was expected to help the bank design and incorporate critical systems for CBDC research. The message said:
"Given the essential role of the dollar, the Federal Reserve seeks to better understand the cost and benefits of potential technologies for central bank digital currencies, and how the system better understands this emerging area."
The federal bank stated that it was seeking a senior developer to onboard sample systems related to a CBDC. The applicant will liaise directly with management, other team developers and distributors to ensure the bank "is well positioned to design, develop and incorporate technology to support a CBDC, as required by the Board of Governors."
Additionally, key responsibilities include developing CBDC-related systems, identifying improvements, and mitigating hazards, to name a few. The job is in San Francisco, California, with a base salary that fluctuates between €110,300 and €176,300.
As part of the qualifications, the applicant must have experience creating and maintaining digital payments, cryptocurrencies or CBDCs. Knowledge of cryptographic protocols such as zero-knowledge proofs, agreement algorithms, and security is also required.
As of this writing, a total of forty-six people have applied for the position.
CBDC development gains momentum as Japan and Russia join the race
Japan and Russia have become the latest countries to join the CBDC race by announcing the next drivers.
On Friday, Japan's central bank announced that it would launch a pilot program to test the use of a digital yen. On the exact same day, the Bank of Russia announced that it was preparing to launch a leading central bank digital currency project on April 1.
According to data from the American think tank Atlantic Council, a total of eleven countries have launched a digital currency, including countries such as the Bahamas, China, Nigeria and Jamaica, among others.
In particular, XNUMX countries, representing more than XNUMX% of global GDP, are exploring a national digital currency. By comparison, only thirty-five countries were considering a CBDC as of May XNUMX. In addition to this, a total of fifty countries are in an advanced stage of exploration (development, conduct or launch).
Brazil and India are two other countries that have recently launched CBDC programs. As reported, the RBI Lieutenant Governor discovered earlier this month that five thousand merchants and fifty zero users are now participating in the CBDC conduct program in India.