San Francisco Federal Bank Eyes CBDC System Development
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San Francisco Federal Bank Eyes CBDC System Development

written by John Murphy | February 24, 2023

CBDC system has now its roots in the world’s major central banks as an alternative for cryptocurrencies and stablecoins. From this post of San Francisco Federal Bank, you can learn more about its role:

“Given the dollar’s important role, Federal Reserve System seeks to further understand the costs and benefits of the potential technologies for the central bank digital currencies (CBDC), and how the system better understand this emerging field”

CBDC System Development

SF Federal government has announced vacancies for software engineers who can design and practice the example systems of CBDC for them. Surprisingly, in just 24 hours of this job posting, 45 candidates have shown interest in evolving a well-established CBDC system to be implemented.

On Feb. 18, SF Fed advertised a vacancy for a skilled “senior application developer-digital currency.” The candidate is anticipated to help the FRB create and implement a reliable system for CBDC research. The key liabilities of this developer are declared as:

  • Establishing systems related to CBDCs
  • Recognizing improvements and
  • Alleviating risks

This on-site job is in San Francisco, California, and they are offering a handsome salary package of $110,300 to $176,300 for this post. Moreover, in their recent job post, they declared to give software engineers a free hand to communicate directly with the management, development operation teams, their co-workers, and vendors.  

They want them to check if the FBR is well-organized to create, manage, and practice techniques that can sustain a CBDC system according to their government’s requirements.

Similarly, as dominant financial systems across the world examine CBDCs as fiat’s natural consecution, India hired 50,000 users and 5000 merchants to inspect its newly launched e-Rupi CBDC. The deputy governor of RBI emphasized that the government should run the testing system for CBDC evenly. His intentions are elaborated in his sayings:

“We want the process to happen but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly.”

Nowadays, the CBDC project is active in 5 Indian cities and 9 more cities are expected to join this platform gradually.