A job listing seen on LinkedIn indicates that the Federal Reserve Bank of San Francisco is hiring an Application Architect to assist in researching and designing a CBDC (Central Bank Digital Currency). The job has already attracted over 25 applicants.
A CBDC is a tokenized version of the fiat currency of a country. Like stablecoins, the CBDC’s value tracks that of a Government-issued currency such as the USD. However, the big difference is that CBDCs are only issued by central banks, not private firms.
It is worth highlighting that the job listed on LinkedIn is among the three positions posted on the Federal Reserve System Career website two weeks ago. Along with Applicant Architect, the central bank will hire one Lead and one Senior Application Developer for CBDC.
Roles of the Application Architect
After designing the CBDC, the Application Architect will be tasked with supervising its development. According to the job post, one of the qualifications includes at least five years of experience working with cryptocurrencies, CBDCs, and digital payment systems.
Further, the hired Application Architect will receive between $135,000 and $200,000 annually. The Lead Application Developer and Senior Application developer will be paid yearly salaries of $210,000 and $180,000, respectively.
Several Countries Explore the Possibility of a CBDC
Data on Think Tank’s website shows that over 100 countries are piloting a CBDC or developing one. Eighteen nations, including China and Russia, are currently piloting their CBDCs, while 39 are developing one. Meanwhile, Nigeria and the Bahamas have launched a CBDC.
China reports that its CBDC, dubbed ‘Digital Yuan,’ has already reached over 250 million people and is set to expand in the coming months.
The United States has recently shown interest in developing its tokenized version of the USD. Fed chairman Jerome Powell said last year that Congress would soon receive guidance from the central bank on how it could implement CBDC.
Last November, a pilot program for US-based financial institutions was launched in New York, where banks promised to work closely with the Fed to test a digital currency platform.
