Looks like the Bank of Canada wants to keep a close eye on the central bank digital currency (CBDC) and the developments related to it. Per a new job listing, the bank is seeking an economist with in-depth knowledge about cryptocurrencies and blockchain technology, to monitor the latest developments related to electronic money, but also research “the development of a CBDC.”
The listing states that the economist’s duty will be ranging from analyzing complex economic and policy issues, providing insight, generating innovative solutions, and developing tools for the monitoring of the developments in money and payments.
The candidate will also prepare policies that help maintain “Canadian monetary sovereignty, the safety, and efficiency of the Canadian payments system ecosystem.”
“A key part of this program is the monitoring framework for money and payments and the contingency planning for a central bank digital currency (CBDC). This is a program of major social significance and will require us to break new ground.”
The bank has laid out a set of requirements for the position, and those include in-depth knowledge about major cryptocurrency platforms like Bitcoin and Ethereum, as well as traditional payment systems like card networks, merchant acquirers, and point of sale technologies.
It also noted that having prior experience with handling and analyzing public blockchain data and customer survey data is an advantage.
Interested candidates have until October 25 to apply for this position.
Bank of Canada has been quite open-minded when it comes to CBDCs, even though the bank’s Deputy Governor Timothy Lane has urged central banks from around the world to issue their respective digital currencies, especially during this pandemic.
Lane also revealed at the Central Bank Payments Conference that the nation’s CBDC development is moving at “a good pace.”
However, earlier this month, the bank issued a staff analytical note that regarding the various risks associated with the issuance of CBDCs. The report raised concerns like the risk of losing one’s private keys, which in turn means the loss of the entire cryptocurrency holding.
The note hints that even though the bank is keen on keeping up with the rest of the world, it is also focusing on safety and wants to mitigate risks.
Multiple CBDCs in development
Over the past months, multiple nations have made announcements regarding CBDC development. The Spanish Central bank is the latest to include CBDC into its strategic plan for the coming years.
China has been ahead in the race and is conducting tests with its digital asset, and has successfully completed digital Yuan transactions worth approximately $160 million.
Estonia also began exploring CBDC earlier this month, and is set to explore how to develop a scalable and cryptographically secure platform that meets the Central Bank’s digital money requirements of ‘speed, security, privacy, and resilience’.