Federal Reserve to Hire Digital Currency Payment System Manager for Research and Policy Guidance
The U.S Fed is looking to invest in Human Resources capital for knowledge and research expansion within the blockchain and crypto space. After a long debate on which way to go on digital assets, the Fed finally decided to hire for the position of Retail Payments Manager.
This position was recently put up on the regulator’s website and qualified applicants have been invited to apply. The new manager’s job scope will involve oversight on retail payment systems as well as enhancing innovations within the FinTech transaction space. Given the Fed’s recent consideration for crypto assets, the new hire based in D.C will steer detailed regulatory and policy issues surrounding the retail payments arena.
According to the information provided, the projected salary for this resource has been capped at $250,700 per annum as per Federal grade 29 pay grades. Their functions will not be limited to clearance systems and checks oversight within the Fed’s ecosystem.
FED Under Pressure to Create or Regulate
The debate on whether the Federal Reserve should create its own currency has been ongoing especially with Libra’s launch looming. Members of the U.S Senate and House of Representatives have both shown concern on the possible disruption of existing financial systems including the dollar. Jerome Powell, the Fed’s President, received a letter about a month ago from two lawmakers who inquired if the regulator had any plans to create its own stable coin.
Rob Kaplan who heads the Fed Reserve in Texas is on record saying that they are closely looking at Libra and might consider issuing their own digital currency. However, these sentiments are different from Simon Potter’s who previously worked with the Fed.
The former official noted that replacing the dollar’s dominance with a digital currency only makes the economy more complicated;
“I see no argument that makes sense to have something that complicated out there when you have large, liquid capital markets in the U.S. 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.”