The San Francisco Federal Reserve Bank has posted a job ad for a Central Bank Digital Currency (CBDC) developer to investigate the pros and cons of various CBDC-related technologies.
Fed Explores Digital Currency
Because of the prominence of the dollar, the Federal Reserve System is conducting research into other technologies that central banks can use to issue digital currencies.
The candidate will work closely with upper management, the team’s other developers, and the company’s vendors. According to those in the know, this will allow the bank to develop and deploy the technologies necessary to build a CBDC.
The creation of CBDC-related processes, the detection of enhancements, and the mitigation of threats are all examples of critical duties. Starting salaries for this position range from $110,300 to $176,300 per year, and the position is located in San Francisco, California.
An increasing number of countries are either implementing or actively trying a CBDC, according to research by a prominent American think group called the Atlantic Council. The research group claims that 114 countries, representing over 95% of global GDP, are looking into establishing a CBDC.
It has been reported that 17 countries, including Russia and China, are currently conducting a CBDC pilot program. At the same time, 33 nations, including the US and Japan, are working to establish a CBDC.
Japan to Launch CBDC Pilot
On Friday, the Japanese government announced that the country’s CBDC pilot program would launch in April. The Bahamas and Nigeria are two of eleven countries that have fully implemented CBDCs.
In addition, the Japanese government does not anticipate that any real transactions will take place between the users who are participating in the pilot. Instead, according to the official declaration, only “virtual orders” will be settled during this phase of the project.
Furthermore, the lender intends to test the “practicability” of CBDCs, which was not possible in previous trials, as well as learn more about how private businesses are utilizing digital currency from those businesses.
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