Federal Bank of San Francisco Considers Development of CBDC System, Reveals Job Opening

The Federal Reserve Bank of San Francisco is seeking a Software Engineer to help develop and implement systems related to a central bank digital currency (CBDC).

On February 18, the San Francisco Fed job a job posting for a “Senior App Developer – Digital Currency”. The candidate is expected to assist the Federal Reserve in designing and implementing systems critical to CBDC research. Revealing its intention, the message from the Fed read:

“Given the important role of the dollar, the Federal Reserve is seeking to better understand the cost and benefits of potential technologies for central bank digital currencies, and how the system better understands this emerging area.”

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

As of this writing, 45 candidates have expressed interest in joining the federal government in creating an internal CBDC.

“The Software Engineer engages directly with management, other team developers, development operations teams, and vendors to ensure the Federal Reserve is well positioned to design, develop, and implement technology to support a CBDC, as required by the Board. Governors,” the job posting reads.

Related: Russia to roll out CBDC pilot with real consumers in April

As the world’s major economies test CBDCs, India has onboarded 50,000 users and 5,000 merchants to test its recently launched digital rupee CBDC.

Reserve Bank of India Deputy Governor Rabi Sankar stressed that the government plans to proceed with CBDC testing as smoothly as possible. He said:

“We want the process to happen, but we want the process to happen gradually and slowly. We’re in no rush to get things moving that quickly.

India’s CBDC project is currently active in five cities, with nine more cities potentially gradually joining the pilot soon.