New hiring to lead digital research at the Fed

The US Federal Reserve is looking to hire a retail payments manager, one of whose responsibilities will be to oversee the search for digital currencies and distributed great books. This job offer was released under pressure from Capitol Hill to explore the possibilities of issuing a digital dollar.

Read also: Why central banks are not designed for democracies

Federal Reserve Hires Retail Paymaster

Geopolitics is a fast-paced game and no major player can afford to ignore the surprising moves of his opponents. Chinese leaders are now banking on the blockchain, while the People's Bank of China is working on a digital yuan. Calls for a digital greenback, which remains the main currency of the world, have been launched in the corridors of power in Washington. All this is happening in the context of a raging trade war with Beijing in which world domination is at stake.

The potential interest of the integration of digital currencies into retail payments has attracted the attention of the Federal Reserve. An employment offer published on November 4 shows that the US central bank is now planning to expand its field research. The Fed's Board of Governors is looking to hire a professional to oversee the retail payments section. Facilitating financial and digital innovation is part of the job description.

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Candidates must have at least a bachelor's degree, but a master's degree or other higher degree is preferable. They must also have at least seven years of relevant experience. The position is based in Washington, DC, and the Fed is supporting offshoring. Although it's a regular job, it's a decent amount of travel – 25% of the time, according to the ad.

The new Head of Retail Payments will lead the routine activities of the section and will be responsible for leading, developing and executing the administrative oversight of his staff. The annual salary of the management position will be between $ 120,600 and $ 250,700. The federal salary is low 28 – high 29.

The vacancy announcement states that the Retail Payments section oversees the Federal Reserve Bank's automated clearing and clearing services and deals with policy and regulatory issues relating to retail payment systems. Its head will be responsible for "facilitating and contributing to research on innovations, including digital currencies, stable parts, distributed ledger technologies and, more generally, financial / digital innovation in retail payments".

The primacy of the dollar at risk

The job announcement, which reflects the Fed's interest in digital currencies, follows recent media reports that the US central bank is studying the idea of ​​developing a digital version of the dollar. In addition, at the end of September, two US Congressmen sent a letter to Federal Reserve Chairman Jerome Powell urging the Fed to consider creating a national digital currency.

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Bill Foster (D-IL), Chair of the AI ​​Working Group and Co-Chair of the Blockchain Caucus, Congressman, and French Hill (R-AR), Senior Member of the Working Group on AI and Fintech were concerned that "the primacy of the United States could be jeopardized in the long run" by competition from fiat digital currencies and their private sector equivalents. They asked a number of questions about the current activities and projects of the Fed regarding the potential development of a digital currency in US dollars.

Both members of Congress cited a study by the Bank for International Settlements that revealed that 40 countries around the world are considering developing or have already developed a digital currency. Their letter provides examples such as the Swedish e-krona project and the Balance project on Facebook, while highlighting expectations that the Chinese central bank will launch a digital yuan this year. According to an announcement in October, People's Bank of China plans to recruit six experienced professionals in the fields of cryptography and technology to work on a national digital deal.

Do you expect the US Federal Reserve to develop a digital dollar? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock.

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Lubomir Tassev

Lubomir Tassev is a technology-savvy Bulgarian journalist who sometimes finds himself at the forefront of advances that he can not afford. Quoting Hitchens, he says, "I am a writer, and not what I am." International politics and the economy are two other sources of inspiration.

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