- The manager would contribute to the research of digital currencies, stablecoins and distributed ledger technologies.
- The new hire will be part of the Retail Payments section and can earn up to $250,700 per year.
The United States Federal Reserve recently announced a vacancy for the post of a manager for its Retail Payments section in Washington, DC. They are reportedly seeking a manager who would contribute to the research of digital currencies, stablecoins and distributed ledger technologies.
The manager is also required to promote and contribute to the development and implementation of new policies, regulations and research for retail payment systems. The new recruit will also be a part of the Retail Payments section. This section manages the Federal Reserve Banks’ check and automated clearinghouse services. It also facilitates research in retail payments innovation and addresses policy and regulatory issues concerning retail payment systems.
The listed maximum salary grade is federal grade 29, meaning the new hire will be able to earn up to $250,700 per year. Last month, two members of the US House of Representatives Financial Services Committee asked the Federal Reserve regarding the launch of a possible digital currency backed by the US dollar. They were worried that the importance of the US dollar could be in jeopardy “from wide adoption of digital fiat currencies.” With this move from the United States Federal Reserve, there could be a possibility of a state-backed digital currency to be formed.
Previously in September, former Federal Reserve official Simon Potter said that replacing the dollar with digital currency and ending its dominance doesn’t make any sense. He said:
I see no argument that makes sense to have something that complicated out there when you have large, liquid capital markets in the US Not having one currency that you can basically price things and have a deep market in, that makes life much harder for the global economy.
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