The Federal Reserve made a job posting on Monday. In the posting, the bank wants to find a manager that will oversee the traditional payments section. In their role, the new manager will also oversee the integration of stablecoins, digital currencies, and distributed ledger technology.
For a while now, there has been speculation that the bank might issue a digital currency. This is especially so after the Facebook Libra project was announced. Many lawmakers and central bankers have not warmed up to the idea of a privately-issued digital currency. While the bank’s officials have discussed digital currencies, they have not made any concrete actions regarding them until now. It is the first time that the Fed is hiring human resources in this sector.
About the Job
The person who is hired will be based in Washington D.C. They will be in charge of the Retail Payments Section. He/She will be in charge of overseeing the check and clearinghouse activities of the bank. In his role, they will oversee innovation in retail payments and address various regulatory and policy issues. As a result, it is safe to conclude that the bank is moving towards retail payments when it comes to digital currencies.
Besides playing a crucial role in digital currencies, the person hired will be able to take part in policy and regulations that are related to retail payments. As a result, they will essentially be representing the bank’s Board of Governors when dealing with government agencies, reserve banks, as well as other Board divisions.
How Much Will They Earn?
The new person hired is expected to earn a maximum of $250,700. A few weeks ago, lawmakers sent a letter to the chair of the Federal Reserve, asking them if they would consider coming up with a digital currency. It would appear that the bank has responded by listing this job posting. The governor of England’s central bank might also have played a role in the bank’s decision. A while back, he made comments suggesting that central banks should look into the idea of a digital currency that will replace the dollar as the global reserve currency.
The president of the Federal Reserve Bank of Dallas revealed that the bank had been looking at the impact that a project like Libra might have. Besides that, he revealed that the bank had been looking into issuing a digital currency for a while now.
This new job position comes a few weeks after China revealed that it had plans to launch a digital currency. VF reported a while back, that Facebook Libra developments were forcing China to get involved in this space. Such a move might have caused the fed to up its game before China overtakes it in this sector. According to a high-ranking official from China’s central bank, issuing such a currency would help to boost the circulation of the yuan globally. For many years now, China has been actively working to have the global reserve currency changed to the yuan. It sees this as something that would be strategically important for it on the global stage.
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