• The Federal Reserve Bank of San Francisco has listed a CBDC-related job position.
• U.S. lawmaker Warren Davidson urged Congress to criminalize attempts to build a Central Bank Digital Currency (CBDC) by the Federal Reserve.
• The job description specified that the Federal Reserve seeks a technologist to “perform central bank digital currency (CBDC) research and development.”
Federal Reserve’s CBDC Efforts
The Federal Reserve Bank of San Francisco has listed a CBDC-related job position, seeking an expert technologist to “perform central bank digital currency (CBDC) research and development” in order to ensure the Federal Reserve is well-positioned for any future Board of Governors requirements regarding a CBDC. U.S. lawmaker Warren Davidson has urged Congress to criminalize attempts to build such a currency, describing it as the “financial equivalent of the Death Star.“
Job Listing Details
The job listing from the Federal Reserve specifies that they are looking for a Senior Crypto Architect who will be responsible for researching and developing technology related to CBDCs, in order to meet potential future requirements set by the Board of Governors at the Fed.
Response from Lawmaker
In response to this job listing, U.S. lawmaker Warren Davidson has voiced his concern over the potential implications of such technology being developed by the Fed, urging Congress to criminalize any efforts towards creating such a centralized currency system – likening it instead as being akin to building „the financial equivalent of the Death Star“.
Implications
The implications of this news are far reaching, with federal lawmakers now having been alerted about what could happen if such technology were allowed unrestricted development without proper oversight or regulation in place beforehand. It also raises questions around just how far along is current federal research into CBDCs and what risks they pose should they become adopted on a large scale basis within society and global economies or not properly regulated before implementation occurs?
Conclusion
While there is no denying that blockchain technology holds much promise when it comes to providing greater financial inclusion and transparency across various industries – it is important that government entities like the US Federal Government take all necessary steps in order regulate any potential use cases or implementations before they become widely adopted so as not put citizens at risk or cause disruption within existing economic systems already in place worldwide .