The Bank of Canada is hiring an economist for “Digital Currencies and Financial Technologies.”
As per the official page, Canada's central bank is currently engaged in a “large-scale research program to analyze the risks and opportunities” of the new developments in the fintech sector.
The idea is to ride the wave of innovation in fintech that is transforming the landscape of currency, payments systems, and financial intermediation. “This is a program of major social significance and will require us to break new ground,” says the bank.
The key part of this program is the monitoring framework for money and payments and the “contingency planning” for a Central Bank Digital Currency (CBDC).
Earlier this week, Deputy Governor Tim Lane said the COVID-19 pandemic is accelerating public use of online services, which means the central bank must move quickly to research how a CBDC works.
CBDC “looking a lot more urgent”
Under this position, the economist will be monitoring and analyzing developments in electronic money and payments, including CBDCs, cryptocurrencies, stablecoins, crypto exchanges, and others, develop tools for analysis, develop a policy to help maintain Canadian monetary sovereignty, and work on the “the potential development of a CBDC.”
The job position is for a 3 year time period with the possibility of extension and permanence that requires the knowledge of Bitcoin, Ethereum, and other networks and have experience in handling and analyzing public blockchain data besides the usual master’s degree in the relevant field.
With the closing date of October 25, the security level required for the position of “FSS Analyst, CBDC” is “Secret.” Currently, there is no specific time frame for the launch of a CBDC, Lane said,
“The main point, I think, is this is all looking a lot more urgent because of the speed with which technology is evolving.”
On Wednesday, during the panel discussion on the future of money, Lane also said that they are talking to several companies, including tech companies, banks, and financial institutions that are developing products or advising on the related things, on issuing a CBDC.