San Francisco federal bank seeks CBDC expert to assist with system development

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The Federal Reserve Bank of San Francisco has confirmed it is seeking a software engineer to join its ranks with a firm focus on developing systems for a future central bank digital currency (CBDC).

The job listing on Linkedin indicates that the role is for a Senior Application Developer to assist in the federal bank’s drive to understand the cost and inner workings of a CBDC. Since the job posting went live, over 40 applicants have indicated an interest in filling the hybrid role.

“The software engineer engages 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,” read the job listing.

Responsibilities for the role include developing novel CBDC systems, improving upon existing workflows, the proposal of workable frameworks and roadmaps, and applying global best practices. The Federal Reserve Bank of San Francisco seeks a candidate with experience in digital assets, hands-on programming experience, and “an ability to exercise discretion and independent judgment.

Successful applicants for the role can expect a base salary of $110,300 with the potential to climb as high as $176,300. Other perks for the position include a Backup Child Care Program, Vacation Days, and a Pretax Day Care Flexible Spending Account, among others.

Other available roles in the Federal Reserve Bank of San Francisco include a lead contract consultant, a senior executive assistant for legal and risk, and a senior data governance advisor. The bank has nearly 2,000 employees, which could soar even higher if the U.S. government actively pursues a CBDC policy.

CBDC developments soar amid calls for caution

While CBDC development in North America has slowed to a grinding halt, Asian countries are picking up the pace with several pilots in the works. Last week, India announced that its CBDC experiment had onboarded over 50,000 users and 5,000 merchants, barely two months after it began.

Despite the impressive figures, authorities say they will be exercising caution in launching a digital rupee on account of the risk of disrupting the financial system.

“We want the process to happen, but we want the process to happen gradually and slowly,” said Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI). “We are in no hurry to make something happen so quickly.”

China’s digital yuan has been progressing at a frenetic pace, with leading figures of the Chinese Communist Party recently issuing lofty targets to be achieved before the end of the year.

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.

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