The Federal Reserve Bank of San Francisco, a part of the Federal Reserve System of the U.S., is hiring a crypto architect to facilitate research and development for a potential Central Bank Digital Currency (CBDC).
The online job posting outlines the bank's requirements for the role, emphasizing on the candidate’s solid understanding of distributed systems, cryptographic protocols, consensus algorithms, and security. The position, which is a hybrid and full-time role, offers a starting salary of $134,900.
The job description suggests a deepening interest in CBDCs: “Given the dollar’s significant role, the Federal Reserve seeks to understand thoroughly the costs and benefits of potential CBDC technologies.” However, the bank also acknowledges that any official CBDC development would require a corresponding legal framework, which is yet to be established.
Meanwhile, U.S. Republican Representative Warren Davidson has staunchly objected to this initiative. In a tweet, he likened the development of a CBDC to “building the financial equivalent of the Death Star”, advocating for banning and criminalization of such activities. Davidson voiced concerns that CBDCs could potentially turn money into a tool for coercion and control, arguing that money should remain a stable store of value and not be programmable by a central authority.
The topic of CBDCs is still highly debated in the US political landscape. Read more in one of our latest articles: Crypto enthusiasts’ battle for the US presidency.