The Bank for International Settlements recently posted an advert for a blockchain expert, suggesting they are preparing to accelerate their research and development on central bank digital currencies (CBDCs). The job ad is searching for applicants with an intimate understanding of crypto and blockchain technology, as well as experience in coding and a background in computer science, with the promise of a three-year contract for the successful applicant. The successful applicant will work from the BIS Innovation Hub in either Switzerland or Hong Kong.
The applicant will be tasked with developing and testing new initiatives to proof-of-concept.
The successful applicant will be tasked with developing and testing new initiatives to proof-of-concept. While there is no precise specification of the nature of the projects envisaged by the BIS, there is the suggestion this could include central bank digital currencies, digital securities, and similar token systems for payments. It follows from remarks last year from the Bank for International Settlement general manager Augstin Carstens, a notable digital currency critic. He had said that central banks were still “not seeing the value” in CBDCs, primarily due to concerns about their impact on the financial and monetary systems.
Central banks across countries continue to explore CBDCs.
Since the social media giant Facebook announced its crypto project Libra last year, central banks in many countries have started to take a serious look at the possibility of national digital currencies. The People’s Bank of China is all set to become the first major nation to launch its national digital currency. The central bank has been working on its national digital currency, dubbed DCEP, for the last five to six years and is now very close to issuing it to the general public. As reported earlier, the Bank for International Standards revealed that CBDC was more searched than bitcoin and Libra in 2020.