The Federal Reserve Bank of Boston is looking for a new director to lead the development of a central bank digital currency.
Per a LinkedIn post from January 1, the director of project management “will forward the Federal Reserve System’s efforts to build, manage, and test software to further its understandings of digital currency.”
The Fed is working alongside MIT’s Digital Currency Institute on CBDC research, a partnership that has put the Boston branch of the U.S.’s central bank at the forefront of development. The project will also be keeping its research open-source, according to assistant vice president Robert Bench.
The development of a U.S. CBDC, or digital dollar, is a subject of major interest, both from the crypto industry and from financial policymakers. Over the past year, the role of private stablecoins has emerged as the centerpiece of debates before Congress. While many legislators see CBDCs as a promising alternative to private operators, others are skeptical of the Fed’s ability to stay ahead of the technological curve.
Fed Governor Chris Waller has indicated a preference for private stablecoins over a CBDC. Recently reconfirmed Chair Jerome Powell has expressed uncertainty as to whether issuing a CBDC would benefit U.S. financial policy.