An exciting new announcement for cryptocurrency supporters in the United States, the U.S. Federal Reserve recently posted a job seeking a manager for their Retail Payments division in Washington, D.C
An exciting new announcement for cryptocurrency supporters in the United States, the U.S. Federal Reserve recently posted a job seeking a manager for their Retail Payments division in Washington, D.C
With this new job posting and recent developments, we may see at least some implementation of cryptocurrency in retail payment systems. If they prove effective, they may stretch far beyond this use as well.
At first glance, the position may look like an everyday position within the organization for an individual who is knowledgeable in retail. At closer inspection, however, the posting states that the manager would be able to conduct research and analyze stablecoins, cryptocurrencies, and distributed ledger technologies, which would likely focus on how these technologies can be applied to current business models.
Beyond these main research responsibilities, however, the manager would hold quite a bit of power within the current retail payment system, for which the position also asks them to work on existing and new policies and regulations in these systems. Given the status of this position and the work required, the Federal Reserve has stated that it is willing to pay up to $250,700 annually.
Some have speculated that this new job posting is representative of the government’s need to create their own digital currency for the nation. Seeing as other governments are already researching and developing their own solutions (take China’s new project for example), it would only make sense that the U.S. would feel the need to work on a project as well.
The question of whether or not this would be a reality was a very different reality only a month ago, however. When asked about using a cryptocurrency in place of the U.S. dollar, Simon Potter, a former Federal Reserve official, responded:
“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.”
With this new job posting and recent developments, we may see at least some implementation of cryptocurrency in retail payment systems. If they prove effective, they may stretch far beyond this use as well.
