US Fed Declares Its Intention to Explore Digital Currencies by Hiring a Retail Payments Manager

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The United States Federal Reserve is looking for a new manager that would lead its Retail Payments department. As specified in the job opening, the new hire would facilitate the research of distributed ledger technologies (DLT), digital currencies, and stablecoins.

Aside from the priority tasks, the person who would get the job would also be expected to help in the development, implementation, and promotion of new regulations, policies, and research relating to traditional payment systems.

Notably, the Retail Payments department of the US Fed is responsible for overseeing the central banks’ check, and clearinghouse automated services. Furthermore, this section researches with a primary target to innovate the existing system, as well as to address regulatory concerns associated with the department’s fundamental obligations. 

As written on the website, the would-be manager would be entitled to federal grade 29. It means that the Fed would pay as much as $250,700 annually.

In October, two US lawmakers, Rep. Bill Foster and Rep. French Hill, sent a letter to Chairman Jerome Powell of the US Federal Reserve. They expressed their concern that the significance of the US dollar in the global financial market might be jeopardized due to the growing adoption of cryptocurrencies. In the letter, the two lawmakers also asked if the Fed is considering to issue a US dollar digital currency.

Meanwhile, President Rob Kaplan of the Federal Reserve Bank of Dallas said that they are looking at the possible impact of a Libra-like stablecoin. Furthermore, he revealed that discussions and debates about the creation of a digital currency are currently on going.

The new job opening and the descriptions of responsibilities reflect the central bank’s desire to explore the benefits of digital currencies, as well as other emerging technologies. While it’s too early to conclude about the plans, industry analysts say that at least, the US Fed is interested in exploring the possibilities and potential opportunities. 

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