Federal Reserve San Francisco Searches For Crypto Experts For CBDC Development, Will Be Paid IDR 2 Billion

The Fed San Francisco is looking for a crypto expert. (Photo; Doc. Fnews)

JAKARTA - The San Francisco Federal Reserve is looking for senior crypto architecture experts to conduct research and development related to central bank digital currencies (CBDC). The western regional bank of the Federal Reserve has announced job vacancies for the position on LinkedIn and Indeed.

"In the framework of the Federal Reserve's mission to encourage systems that are easily accessible, secure, and efficient to facilitate dollar transactions, the Federal Reserve System (FRS) is looking for technologists who will conduct research and development of central bank digital currencies (CBDC). Given the important role of the dollar, FRS seeks to better understand the costs and benefits of potential technology for CBDC and this growing field."

Federal Reserve Bank San Francisco stated that senior crypto architecture experts will be the main application developers and "implement example systems related to CBDC." This job lounge offers a minimum salary of 134,900 per US dollar (Rp2 billion) per year, according to posts on the Indeed site.

This is not the first time this central bank has been looking professional for a CBDC-related position. Some time ago, the San Francisco Federal Reserve Bank also posted job vacancies for CBDC product managers, and in February, they searched for the architecture of a senior digital currency application.

For information, the Federal Reserve Bank San Francisco is one of twelve branches of the Federal Reserve System operating in the United States. As the country's central bank, the Federal Reserve System, or better known as the Federal Reserve or the Fed, is fully responsible for controlling and regulating monetary policy.

The San Francisco branch has a strategic role because it is the only Federal Reserve representative representing the southwestern region of the United States. Its coverage covers the states of California, Nevada, as well as parts of Arizona, including Hawaii and the Pacific islands of the United States.

The main task of the San Francisco Federal Reserve is to implement the monetary policy set by the Federal Reserve System. In this context, this branch is tasked with regulating interest rates and controlling the amount of money in circulation so that economic stability is maintained. Not only that, but the banking system is also the focus of their supervision to ensure the stability of national finance.

Recently, the Federal Reserve officially launched their new instant payment infrastructure called FedNow. The bank stated on Twitter that the service is not linked to the central bank's digital currency (CBDC) and is not a step to eliminate the use of cash.

Federal Reserve chairman Jerome Powell has stated in his testimony at the White House Financial Services Committee in March that the Federal Reserve required Congressional approval to implement digital currencies.