The Federal Reserve Bank of San Francisco has announced that it is seeking a blockchain technology expert to join its research team for a central bank digital currency (CBDC).
The Federal Reserve System (FRS) made its stance known via a job listing, confirming that the search for a suitable applicant aligns with its mission to “facilitate dollar transactions.” According to the listing, the FRS is searching for a senior ‘crypto’ architect to serve as a Lead Application Developer for early studies linked to the digital dollar.
“The Federal Reserve System (FRS) seeks a technologist to perform central bank digital currency (CBDC) research and development,” the job post read. “Given the dollar’s significant role, the FRS seeks to further understand the cost and benefits of the potential technologies for CBDC and this emerging field.”
A successful applicant will be expected to create “novel systems” around CBDCs, launch working prototypes of the system, and identify risks associated with launching CBDCs. Furthermore, the job description requires staff to propose roadmaps for launching CBDC systems in line with the “tactical and strategic needs of the FSC.”
Applicants must have a degree in Computer Science or its equivalent and hands-on programming experience, as well as a robust knowledge of financial systems. The listing noted that previous collaboration experience with engineers and UX designers will be a plus, with applicants expected to have above-average analytical and critical thinking skills.
“You will engage directly with management, other developers on the team, development operations teams, and vendors to ensure the Federal Reserve is well-positioned to design, develop, and implement technology to support a CBDC as may be required by the Board of Governors,” the post stated.
Per the listing on Indeed, the position is a hybrid role with successful applicants expected to work remotely and on-site, the compensation for the job hovers between $134,900 per year to $215,400 based on the applicant’s background, internal equity, and skill.
San Francisco’s Federal Bank has been bolstering its CBDC research team since February 2023 after posting numerous job listings. The agency announced a vacancy for a “senior application developer – digital currency” to assist in the study of a potential development, with over 50 individuals throwing their hats in the ring for the job within the first 24 hours of listing.
At odds with the Federal Reserve Board of Governors
The decision of the San Francisco arm of the Federal Reserve to fill up its ranks with CBDC experts is at variance with a statement from the Federal Reserve Board of Governors. Following the launch of the FedNow Service, the body clarified that it remained undecided on launching a digital dollar.
“The Federal Reserve has made no decision on issuing a CBDC and would only proceed with the issuance of a CBDC with an authorizing law,” read a July 19 statement.”
Despite the claim, state governments and their legislatures are taking preemptive steps to halt the development and usage of CBDCs within their borders, spearheaded by Florida State Governor Ron DeSantis.
To learn more about central bank digital currencies and some of the design decisions that need to be considered when creating and launching it, read nChain’s CBDC playbook.
Watch: Central Bank Digital Currencies and Blockchain: The view from the Swiss National Bank
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