U.S. Fed Reserve to Hire New Manager to Research Cryptocurrencies
The U.S. Federal Reserve, the country’s central bank is looking to hire a new manager to oversee its traditional payments section; as well as to research on digital currencies, Stablecoin, distributed ledger technology and financial innovation in retail payments.
Moreover, digital currencies are attracting attention at a very high pace in the United States of America. Last month, in the U.S. House of Representatives Mark Zuckerberg said that the U.S. has to up its game in the cryptocurrency space before the likes of China introduce state issued cryptocurrency. China’s digital currency threatens America’s global financial leadership. As per reports, the Federal Reserve has launched a whole new wing on integration of digital currencies in to the traditional financial system.
Additionally, FED has claimed on various occasions its aim at understanding cryptocurrencies in depth to avoid risks. Hiring a manager to further explore the potential of digital currencies; marks the first time Fed has invested human resources for the project. The job posting on FED’s website highlighted that the newly hired manager; will be responsible for promoting and participating in innovations research that we expect to be focused on Stablecoin, cryptocurrencies, Blockchain technology and digitizing retail payments.
Furthermore, the ad highlights that the suitable candidate to expect a maximum salary of up to $250,700. This shows that the Federal Reserve is willing to heavily invest in streamlining the integration of cryptocurrency in to the existing monetary system.
Moreover, last month the House of Representatives Financial Services Committee; asked FED if they are planning to launch a digital dollar. This expresses the concern that the U.S dollar could be in jeopardy from wide adoption of digital fiat currencies.
Central Bank Issued Cryptocurrency has Potential to Replace the Dollar
In conclusion, Bank of England Governor, Mark Carney stated back in August that a cryptocurrency backed by the central bank itself; has the potential to replace the U.S. dollar. The governor added that such a currency has can build its reputation as the new global reserve currency. Following the heavy remarks, the current chairman of Federal Reserves; Jerome Powell received two letters from two U.S legislators reiterating the need of developing a digital dollar.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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