San Francisco Fed is Seeking CBDC Developer as More Countries Join the Race

Last updated:
Author
Ruholamin Haqshanas
Author Categories
About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Image Source: Central Banking

The Federal Reserve Bank of San Francisco has announced a vacancy for a CBDC developer as the federal bank aims to explore the cost and benefits of the potential technologies for central bank digital currencies.

The San Francisco Fed posted a job opening titled “senior application developer – digital currency” on Saturday. The job description said the candidate is expected to aid the bank in designing and implementing systems critical to CBDC research. 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 federal bank said they are looking for a senior developer to implement example systems related to a CBDC. The applicant will engage directly with management, other developers on the team, and vendors to ensure the bank “is well-positioned to design, develop, and implement technology to support a CBDC as may be required by the Board of Governors.”

Moreover, key responsibilities include developing systems related to CBDCs, identifying improvements, and mitigating risks, to name a few. The job is in San Francisco, California, with a base salary ranging from $110,300 to $176,300.

As part of the qualifications, the candidate is required to have experience designing and maintaining digital payments, cryptocurrencies, or CBDCs. Knowledge of cryptographic protocols such as zero knowledge proofs, consensus algorithms, and security is also required. 

At the time of writing, a total of 46 individuals have applied for the position. 

CBDC Development Finds Momentum as Japan and Russia Join the Race

Japan and Russia have become the latest countries to join the CBDC race by announcing upcoming pilots. 

On Friday, Japan’s central bank said it would roll out a pilot program to run experiments on the use of a Digital Yen. On the same day, the Bank of Russia announced it is preparing to launch a central bank digital currency pilot on April 1st. 

As per data by the American think tank Atlantic Council, a total of 11 countries have launched a digital currency, which includes countries like The Bahamas, China, Nigeria, and Jamaica, among others.

Notably, 105 countries, representing over 95% of global GDP, are exploring a national digital currency. In comparison, only 35 countries were considering a CBDC by May 2020. Moreover, a total of 50 countries are in an advanced phase of exploration (either development, pilot, or launch).

Brazil and India are two other countries that recently launched CBDC programs. As reported, the RBI’s deputy governor revealed earlier this month that 5,000 merchants and 50,000 users are now participating in India’s CBDC pilot project.

 

More Articles

Blockchain News
Fed Chair Powell Vows No US CBDC During His Tenure
Shalini Nagarajan
Shalini Nagarajan
2025-02-12 05:14:05
Altcoin News
Trump’s Crypto Project Unveils Strategic Token Reserve ‘Macro Strategy’
Sujha Sundararajan
Sujha Sundararajan
2025-02-12 05:09:56
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors