The United States Federal Reserve Bank of San Francisco hiring CBDC developers.
The Central Bank Digital Currency (CBDC) is a centralised digital currency concept, which came to light after the success & popularity of stablecoins in the crypto market. In the present time, the majority of the Central Banks are working on CBDC as an alternative payment system alongside the sovereign fiat system. Since 2022, The United States Federal Reserve Bank is also engaged in studying CBDC, or say Digital Dollar.
On 19 Feb 2023, The Federal Reserve Bank of San Francisco published a recruitment post on the popular job search social platform LinkedIn.
The Fed Bank will pay more than $134,900 per annum per employee and already 25 people applied for this job. Recruitment notification is clearly showing that Bank wants CBDC-focused experts to bring a better ability to its CBDC.
US vs CBDC
Since the beginning, the US Federal Reserve was against the Digital Dollar concept because they were claiming that the existing US dollar payment system is better & more efficient and we don’t need to work on another alternative payment system.
But in 2022, Many Central Banks showed their interest in CBDC. In particular, the Chinese central bank launched its CBDC in Q3 2021 and showed its strength in early 2022 as an emerging economic power.
As a part of the increasing race in the CBDC adoption, the US Fed also planned to work on CBDC.
In Q2 2022, Many US lawmakers shared their opinion on the digital dollar concept and suggested the US government maintain the privacy of the CBDC based financial activities of citizens so that people can use US CBDC just like physical cash.