The Federal Reserve (Fed) Bank of San Francisco has published another job posting related to the development of a potential central bank digital currency (CBDC). As part of the new recruitment, the bank has started seeking a crypto architect to work on the institution's CBDC research and development. The full-time position will be based in San Francisco in a hybrid manner, and its annual salary will start at $134,900. - The potential candidate should have knowledge of implementation of the distributed systems, cryptographic protocols, consensus algorithms, and security.
- The qualified candidate will help the bank further understand the cost and benefits of the potential technologies for a CBDC and become well-positioned to design, develop, and implement technology to support a digital currency.
- The person hired for the role will also implement example systems related to a CBDC, engaging directly with management, the developer team, the development operations team, and vendors.
- San Francisco Fed first revealed its plans to develop a CDBC in February when it published a job posting for a software engineer titled "senior application developer — digital currency."
The digital dollar is a controversial issue in the U.S., especially for lawmakers, since President Joe Biden signed an executive order in 2022 for the federal government to explore the potential use cases and risks of a CBDC. - Some politicians, including Florida Gov. Ron DeSantis, Texas Sen. Ted Cruz, and Ohio Rep. Warren Davidson, have argued that the CBDCs could be used as a direct surveillance tool by the government and violate the privacy rights of American citizens.
- Earlier in July, the Fed, the U.S. central banking system, stated that it did not decide whether to issue a CBDC yet, and the issuance could be only possible with an authorizing law.
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