San Francisco’s Federal Bank Looks to Develop CBDC System

The Federal Reserve Bank of San Francisco is reportedly looking for a software engineer to assist in the development and implementation of systems related to a central bank digital currency (CBDC).

LinkedIn job posted

On February 18 placed the Federal Reserve Bank of San Francisco advertises a job posting on LinkedIn for a “Senior Application Developer – Digital Currency,” asking the candidate to contribute to the design and implementation of systems critical to CBDC research at the Federal Reserve Bank of San Francisco Reserve. The message included the following:

Given the important role of the dollar, the Federal Reserve System is seeking to better understand the costs and benefits of the central bank’s potential digital currency technologies, and how the system better understands this emerging field.

Some key responsibilities of the role include developing CBDC-related systems, identifying improvements and mitigating risk. The position is based in San Francisco, California and base salary ranges from a minimum of $110,300 to a maximum of $176,300.

About 50 people have already expressed interest in the LinkedIn vacancy to join the federal government to develop their own CBDC. However, this number is expected to increase significantly in the coming days.

CBDC is popular worldwide

CBDCs are already being researched and/or even tested worldwide. An example of this is India, where they piloted 50,000 users and 5,000 merchants across the country. The recently launched digital Rupee CBDC was extensively tested here.

Russia also recently announced that they will be conducting a pilot with real consumers in April of this year. Where this pilot was first planned for 2024, it is now being pushed forward. Do you want to know more about this? Click here to go to the relevant article.

Finally, Kazakhstan is also rolling out a CBDC. At the end of 2022, a recommendation was made in this country to carry out a phased roll-out of a CBDC, after a second test phase of the CBDC had been completed. Do you want to know more about this? Click here to go to the relevant article.

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