The US Federal Reserve posted a job advertisement for a CBDC and stablecoin research manager to join its ranks as central banks around the world ramp up the pace of development.
U.S. Hiring for the Future
The United States Federal Reserve (U.S. Fed) is looking for a Central Bank Digital Currency (CBDC) and stablecoin research manager.
An advertisement, posted on LinkedIn, describes the position as a management role in the Digital Innovations Policy Program.
The position involves “leading, developing and executing administrative supervisory duties for section staff”, as well as setting the strategic objectives for a team of researchers.
The role also includes the development and provision of guidance for financial markets and reserve banks around the world.
Moreover, in order to qualify for the role, candidates must have at least six years of experience in a related field, as well as be educated at the graduate or post-graduate level.
So far, 15 people have applied for the role, according to LinkedIn.
CBDC Mania
The job offer is not surprising considering the U.S. Fed’s recent briefings regarding CBDCs. In November, the government body published a review of CBDCs as part of preparations to engage with the space.
In it, authors Francesca Carapella and Jean Flemming consider the effect of CBDCs on commercial banks, monetary policy and financial stability.
We believe the most crucial question is which intrinsic features of CBDC as a means of payment and a store of value are important for households’ portfolio choices as to which monies to use.
Central Bank Digital Currency: A Literature Review
However, the U.S. is not the only country looking into the area. The European Central Bank (ECB) – the central bank for the European Union (EU) – published a report on a proposed ‘digital euro‘ a month earlier.
Moreover, the People’s Bank of China (PBOC) is moving quickly with its digital yuan, with a successful pilot already having taken place. The PBOC recently announced the issuance of another 20 million digital yuan to Shenzhen residents.
The West, in this case, seems to be playing catch-up.
The Future of Monetary Policy?
With all that in mind, there’s no wonder why CBDCs featured heavily at this year’s World Economic Forum in Davos.
As part of the official agenda for Jan. 22, leaders from around the world discussed an international framework for the development and use of CBDCs.
The development of that framework has over 40 central banks, international organizations, academic researchers and financial institutions involved.
Given the critical roles central banks play in the global economy, any central bank digital currency implementation, including potentially with blockchain technology, will have a profound impact domestically and internationally
Sheila Warren, Head of Blockchain and Distributed Ledger Technology at the World Economic Forum
With so many on board, it is almost certain that CBDCs are sticking around for the future. Whether they will be able to compete with more decentralized finance projects however, remains to be seen.
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