San Francisco’s Federal Reserve Bank is actively searching for a crypto architect to join their team working on a central bank digital currency (CBDC) project, according to a job posting on Indeed. The job description states that the chosen candidate will be responsible for conducting research and development related to CBDCs. This full-time hybrid position offers an annual salary starting at $134,900 and requires individuals with knowledge of distributed systems implementation, cryptographic protocols, consensus algorithms, and security.
The job posting further explains that the Federal Reserve Bank is interested in understanding the potential benefits and costs of CBDC technologies in order to gain a better insight into the emerging field. The posting has been active for over a month, as per the Federal Reserve System Careers page.
The bank is specifically seeking a Lead Application Developer who can implement example systems related to CBDCs. The chosen candidate will collaborate with management, other developers, development operations teams, and vendors to ensure that the Federal Reserve is well-prepared to design, develop, and implement technology to support CBDCs, as required by the Board of Governors.
It is worth noting that the San Francisco Fed has been building a team of crypto developers since at least February of this year. Earlier this year, they were in search of a software engineer to actively contribute towards the development and implementation of systems related to CBDC initiatives.
Interestingly, this recruitment effort seems to contradict the public stance of the Federal Reserve Board of Governors on CBDCs. In a tweet on July 19, the central bank mentioned that they had not yet made a decision regarding the issuance of a CBDC, stating that they would only proceed with it if authorized by law.
The potential introduction of a digital version of the U.S. dollar has sparked significant controversy in the country, with the topic becoming a key point of discussion in the upcoming presidential election. Critics of CBDCs argue that they pose a threat to citizens’ privacy and could lead to increased government control. However, supporters view CBDCs as a global application of blockchain technology.
In fact, during the Family Leadership Summit in Iowa, presidential candidate and Florida Governor Ron DeSantis openly declared his intention to ban CBDCs in the United States if elected as president. He emphasized that on his first day as president, he would put an end to central bank digital currencies, stating with finality that it would not happen in the country.
Overall, the Federal Reserve Bank of San Francisco’s search for a crypto architect demonstrates their commitment to exploring the potential of CBDCs. While there may be differing opinions on the matter, it is clear that the development of CBDCs continues to be a topic of great significance and interest in both the financial world and the realm of politics.