U.S. Federal Reserve Job Posting Shows It's Looking Into Digital Currencies

A new job opening posted by the U.S. Federal Reserve, the country’s central bank, shows it’s looking into using digital currencies, stablecoins, and blockchain technology for payments.

The Federal Reserve is looking to hire a manager to oversee its traditional payments section, but has added digital currency-related responsibilities to the role, which is will be based in Washington, D.C. The candidate would oversee its Retail Payments Section and manage check and automated clearinghouse services, while facilitating research in payments innovation.

The role will also require the manager to address policy and regulatory issues related to retail payments systems. Besides all of this, the manager will also be responsible for:

Facilitating and contributing to innovations research including digital currencies, stable coins, distributed ledger technologies, and broadly financial/digital innovation in retail payments.

The job posting outlines applications should possess a bachelor’s degree in business or finance and at least seven years of related experience. IF they have a master’s degree, the minimum experience requirement drops to six years. The chosen candidate will receive a maximum salary of $250,700 a year.

As reported last month the Federal Reserve has revealed it’s looking into issuing a “digital dollar,” over concerns related to the potential development of digital currencies that could threaten the U.S. dollar’s position as the global reserve currency.

The central bank started considering a digital dollar after receiving a request from two Congressmen to do so. This at a time in which China’s president said the country should seize its opportunity to adopt blockchain technology, as the country is getting ready to launch its own digital currency.

The People’s Bank of China, its central bank, has however said there’s “no timetable” for the digital currency’s launch, responding to rumors suggesting it would be this month.

Featured image by Ben White on Unsplash.