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San Francisco's Federal Reserve Bank posts job offering for CBDC developer

The base salary range for the job was given as $110,300 to $176,300, and the location was given as San Francisco, California

Shashank Bhardwaj
Published: Feb 23, 2023 04:59:51 PM IST
Updated: Feb 23, 2023 08:13:20 PM IST

San Francisco's Federal Reserve Bank posts job offering for CBDC developerImage: Shutterstock

To help it with the development and implementation of systems related to Central Bank Digital Currency (CBDC), San Francisco’s Federal Reserve Bank is looking for software engineers.

San Francisco Fed posted a job offering for “senior application developer - digital currency” on Feb 18. The Feb expects the candidate to help it with the design and implementation of systems that are critical for the research of CBDC.

The post read, “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.”

The base salary range was given as $110,300 to $176,300, and the location will be San Francisco, California. Developing systems related to CBDCs, handling possible risks, making improvements, and more such pointers will be the key responsibility of the engineer.

The job posting has received 45 applications showing interest in the Fed’s plan to build its own CBDC.

The job posting further clarified the requirements; it read, “The software engineer engages directly with management, other developers on the team, development operations teams, and vendors to ensure the Federal Reserve is well-positioned to design, develop, and implement technology to support a CBDC as may be required by the Board of Governors.”
India has also launched its own digital rupee CBDC and has onboarded 50,000 users and 5,000 merchants to test it, as other countries around the world test their own CBDCs.

As of now, the digital rupee project is live across five cities, with nine more cities planned to be included soon.

The governor of the RBI said that India would continue with the testing of CBDC in the smoothest possible way. He said, “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 writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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