US Federal Reserve Enlists Crypto Expert, Sparks Controversy Following Privacy Concerns
Despite public hesitation, the US Federal Reserve is quietly recruiting a crypto expert to explore potential Central Bank Digital Currency, fueling national debates and election controversies.
Wed, 26 Jul 2023, 04:52 am UTC
Unearthed recently, a job listing from the San Francisco Federal Reserve Bank indicates they are on the hunt for a crypto connoisseur. The specialist's key responsibility is to delve into research and development of a potential Central Bank Digital Currency (CBDC).
A lucrative role with a starting annual salary of $134,900, the position offers a hybrid working model and seeks an adept individual with a robust understanding of distributed systems, cryptographic protocols, consensus algorithms, and security. The bank appears to be eager to decode the possible advantages and disadvantages of CBDC technology and its potential impact on the dollar.
Despite the role having been open for over a month on the Federal Reserve System Careers page, it contradicts the Federal Reserve Board of Governors' public stance. The institution previously declared that it hadn't reached a decision about issuing a CBDC. In a tweet on July 19, the bank mentioned that any CBDC release would occur strictly under a law authorizing such an act.
However, the quest to recruit a Lead Application Developer has been ongoing since February. This individual will collaborate with the management, team members, development operations teams, and vendors to prepare the Federal Reserve for a possible CBDC launch.
The possibility of a digital dollar version has ignited debates nationwide, making it a potential hot topic in the forthcoming presidential election. While some advocates view it as a worldwide application of blockchain technology, critics argue it could compromise citizen privacy and pave the way for governmental control.
Adding more fuel to the controversy, presidential hopeful and Florida Governor, Ron DeSantis, pledged to prohibit CBDCs in the US if elected. He made the emphatic proclamation during the Family Leadership Summit in Iowa, vowing he will "nix" CBDCs from the country.
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