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The US Federal Reserve wants to hire a manager to oversee conventional payments but with some new responsibilities for that role.
In a post posted on the Fed's Web site on Monday^[1], in addition to traditional tasks, new roles will be assigned to him:

Read more and source ---> https://www.coindesk.com/us-federal-reserve-hiring-retail-payments-manager-to-research-digital-currencies


Can this news be linked to the openness of the Federal Reserve thinking about the creation of digital currency, even if it is stable and central? As it can replace the cash dollar?


Read more and source  ----> https://www.coindesk.com/top-fed-official-says-us-central-bank-actively-debating-digital-dollar

[1] https://frbog.taleo.net/careersection/1/jobdetail.ftl

The article I had sourced actually answers this.
Basically, the thought was, "To end US dollar dominance makes no sense". Looking at it from their side, yes it does indeed makes no sense. It's also quite difficult to transition if we ever want to replace US dollar as a base price currency for the entire economy. Though thinking of it from the outside, I'm pretty sure the FED is just afraid of digital currency dominance in the future, so they are pushing for whatever they could right now when they still hold dominance. Just the fact that they are starting to pay attention and spend resources to Digital Currency research is proof that they are pretty much in fear of what Digital Currency could do in the future.

Source: https://cointelegraph.com/news/us-federal-reserve-hiring-new-manager-to-research-digital-currencies (https://cointelegraph.com/news/us-federal-reserve-hiring-new-manager-to-research-digital-currencies)

This is good news that the US is looking to apply blockchain technology to financial and banking businesses. It will make transactions faster and less cumbersome.
But it does not mean that the US will support the coins in the crypto market because this is a decentralized market and they cannot control it.
I think they are only aiming to discover and apply blockchain in the future.

 

I doubt they have mentioned anything about blockchain here! Along with US, a lot of other countries are planning to launch their digital currencies. But there's a gray area about blockchain. We are anticipating that blockchain will be used, nothing has been finalized yet! Research and development is ongoing! It's our assumption that blockchain will be used because it's the most feasible solution we have at this moment!

Only good part about this news is that strong economies like US is seriously thinking about launching digital currencies!

They might actually transition towards cryptocurrencies in the near future if this is the direction that they are taking. They are already taking the baby steps towards adoption and are now seeing the actual applications of a working cryptocurrency on real-life economic situations and not just on simulations and theories. A digital USD would be a lot easier to control the supply of compared to minting new coins and dollars IMO. And also, as the ‘old’ population dies off and a lot have switched to digital payments, it’s a no-brainer for the governments to follow suit and introduce their own digital currencies rather than printing paper every time.

I think it's more about trying to work out the economic implications if cyptocurrencies take off. They have a good idea of the speculative effects of bitcoin. But they don't really know the effects of what a corporate stable coin would look like, and I guess they want to try to model it and understand it so that they're well armed if one should materialise.

probably. that's the way the wind is blowing. the PBOC is rolling out their own digital currency (DCEP), although there are no hard launch dates yet. the USA won't be that far behind.

why give up an opportunity to rein in cash usage and issue a more surveillance-friendly payment rail? two birds with one stone! and the population might willingly go along for the ride because of hype around bitcoin and blockchains.

There is more resistance to an increasingly more digital payment field from the younger population than most people here think. The awareness of how important physical cash is in our society grows the more freedom people lose conducting transactions digitally. I sincerely hope that we'll never reach a state where physical cash is completely banished from usage.

The thing with people is that they only realize what they lose when they are actually in the process of losing it. I have seen enough around me to know that people are well aware of how dangerous a cashless society actually is. I was a proponent of cashless society as well until I became aware of the risks attached to no longer having the ability to utilize physical cash.

I have much more respect for what physical cash represents even though it's still government issued money backed by farts and whatnot. I'm glad that Bitcoin helps opening people's eyes and become more interested in economics, a field of interest that most common joes haven't explored before.

Could be taken 2 ways in my opinion.

The first one (and better one in my opinion) the us bank is willing to work with crypto currencies and are looking to incorporate some form of blockchain technology in their banks, either a new banking system, or a possible coin.

The us bank is researching certain methods where it would be able to basically block any form of crypto activity from their banks, and basically shut down accounts if they are related to crypto activity.

This is a very nice development coming from the US whose sanctions of cryptocurrencies is very tight. Speaking of introducing Blockchain related technology to their banking system is quite okay. But they would be developing their own coin in the process rather than using Bitcoin..I don't know how well this will.go, but it's all a matter of time, we would see.

I reckon we are going to see some new innovations from their side, it looks like the US have finally understood the value of digital currencies and I gotta admit, I'm happy to see that happen, even if it is a bit late :P.

There are so many ideas that are going through my brain now. What is it going to include, is it going to be a stablecoin, how are they going to involve blockchain technology with this? Everything is going to be amazing!

Most likely that those two news are related with each other. These recent news about continuous adoption by different sectors such as in business, charity organizations, and even other governments might have caught the attention of the Federal Reserve and have initiated their own move. However, given the fact that several altcoins already exists in the market, they might have a hard time gathering support and user base unless the government implement a nationwide bill that forces usage of such currency.

I doubt FED will go into crypto, that is not a possibility because crypto is literally created against them, it is a protection from them. The only thing I can understand from this is they are looking for someone who can find ways to go around crypto instead of using it, or even find ways that would make bitcoin useless, after all they may not stop it but they can certainly try to slow it down or make it worthless.

Stablecoins are not even possibility for FED, it is just a great deal of impossibility for them to provide a ledger for money when all they do is provide ledger for the possibility. Hence at the end of the day, FED is looking for someone who knows crypto but against crypto which is very rare and there are many liars out there who would apply for it as well.

you think that's true? i don't have that much experience to draw on, but teens and twenty-somethings i come across seem pretty into cash app and venmo vs actual cash.

i've been made to feel like a dinosaur more than once for not using them.

Yeah, that's the mindset I had as well, I don't really think that they would just be involved in crypto-currencies after they've been so opposed against it for so long, it'll be them doing an entire 360.

But man, wouldn't it be great if the US took advice from China and other Asian countries and actually started their own crypto-currencies? I'm sure they'd receive a ton of support, but I guess it just goes against their values, which is saddening.

The actual cash is still the best way to transact on some countries simply because they are still on a resistance but if you do travel in Asia like China, Japan, Singapore you can see that they prepare more to transact online than using their fiat money though for now it is still a fiat currency but its more on digital. US should also adopt or else China will dominates the market and maybe, no one can stop China if they succeed on this mass adoption.

The SEC has habitually repressed Winklevoss twins ETF proposals. They ruled coin ICOs can only be made available to accredited investors aka the wealthy. Many crypto exchanges and services are denied to US markets on behalf of regulatory bodies like the fed and SEC.

I think these negative trends represent the official stance of the federal reserve. They'll discuss plans for digital currencies. It'll never go anywhere. They're not interested in developing technology. They never have and never will. Their official mandate is repressing innovation and value to guarantee the rest of the world reaps benefits of crypto currencies, while US markets remain crippled and dead in comparison.

The best thing that can happen is for facebook to go ahead with libra to put pressure on the SEC and federal reserve to do the right thing.

That's really a piece of good news for this platform, I think the USA government and federal reserve system is getting in touch with a blockchain system, so they have taken such type of action towards blockchain system, I think it's not huge news but it's the beginning just an era of blockchain, but there is something fishy for me, I think when the USA government is adopting Blockchain system then they could make something different from this platform, I also think that the USA has just taken this steps for keeping with a pace in the competition with China, that's why they are also in this system.

I'm pretty sure they will, but it will come down to what form they will go ahead with. I don't think Facebook has any interest in rushing their stablecoin for a launch as that will only work against them as we have seen.

I never liked the fact that you are so subjected to what regulators allow or not allow you to do, hence the reason I'm a big supporter Bitcoin and any decentralized network where we can do whatever we want without permission.

Overall, do people here really care much if Libra never gets to launch? I don't think they do, especially with how most people have a similar thinking about the importance of decentralization.

Well, it looks like we are starting to enter the crypto era.
The strengths of the world, who shouted that cryptocurrency is evil, are now developing their digital assets themselves, because they understand that Blockchain is developing, that cryptocurrency is our future.

Of course, all this can be speculation, and a manipulation that can be attributed to political.
However, as practice shows, if someone begins to engage in blockchain, sooner or later he issues his coin.

Mass Adoption gentlemen.

Anyone who thinks that they are doing this to get into crypto world or make their own currency and what not are deadly wrong. Federal bank is literally the only entity that can print their own dollars right now, there is no other power in the world that can print their own dollars. Considering US Dollar is a very very valuable currency they would only do it if it helps some people out (usually rich or sometimes powerful people) so having your own decentralized currency will never happen for them.

Centralized currency is already something they have so why would they make another one. If you want to say digitizing the current system, even tho they do print money, most of it goes to some banks vault and usually its just digitally transferred from one place to another instead of cash.

Not just the Winklevoss twins, but all ETF applications. It's obvious why they aren't approving anything. They want Wall Street to control the markets first. The SEC never would have let the SPDR Gold Trust ETF (GLD) launch if London/COMEX didn't already essentially dictate global spot prices.

Wall Street has no such control over Bitcoin.


It's legislation from the 1930s that did that. Just because a security is issued as a crypto token (rather than a stock certificate) doesn't make it not a security.

ICO issuers can register with the SEC and make the pertinent disclosures if they want to do a fully public offering. Most ICO issuers would rather hide their identities in offshore jurisdictions where investor/consumer protections do not apply to them.


China's central bank is planning to issue a centralized digital currency. If Americans want cryptocurrency, the FED may have an interest in following the same course.

Anything real out of such researches is a far fetched occurrence. Let's not assume that the feds have not done enough research into the field already. They have and they clearly understand the potential that cryptos possesses. What would be surprising is if they made a new tech where all the governments in the world became a sort of node for an international libra like currency but only lead by a gov instead of being independent like Bitcoin or corporate tied like Libra.

I am seeing a great connection on here but we should understand that this must be on the exploratory level. The leadership of the Federal Reserve is interested on this possibility and I am not wondering why because I am sure that they already hard about the many plans of China for the same purpose and people in Fed does not want to be left behind with this development, though they must already be a little late on this arena but still they are a welcome addition, I would say. Let's hope that something concrete can come out of this news and we can soon say for sure that the Fed is already working with its state-controlled cryptocurrency (digitalization of the US Dollar). Just to make things clear, I am sure we are just expressing our speculations here and possible conclusions, in the end things can be so different from what we are thinking.

There is an article also about China having interest in releasing their own cryptocurrency back by their government which if I remember correctly they had been doing research for it for about five or six years. Maybe countries had taken notice of the blockchain technology for a long time now and there might be considering to switch or have another currency along with their fiat.

Though US government being so strict with any crypto related stuff, I was surprised to have heard this news but not much. Also doing something huge and haven’t been done should undergo a thorough study to not end up as a waste of time, energy and money.

This contradicts the comments of their former official, Simon Potter, who insisted on staying on the path of US dollar dominance. They look more open now, because before they did not have a concrete answer about their attitude to the great danger of digital currencies that continued to distract with USD. But they also really need to think about it because things like this have developed in the Asian region. In the future, the possibility of a contradiction in global trust in usd will start from the point of development of a system like this.

The US Federal Reserve would be stupid not to acquire qualified people to advise them on the way forward to utilize the benefits of digital currencies. We already saw the Chinese government mentioning that they are working on their own government backed Crypto currency and that it is already 5 years in development. See ---> https://www.globalgovernmentforum.com/china-readies-plans-for-sovereign-digital-currency/

The whole financial world changed with the introduction of Bitcoin and the Blockchain and governments need to change with it or they will be left behind.  ;)

I'm under the impression that they want to form the market in a way favorable to them. Rather than out of fear I think they are simply preparing for a time when digital currencies become commonplace.

I'd go far enough to say that they could already be buying btc and other major cypto and even starting to develop their own digital currency. Many people have already mentioned China's digital currency initiative, I can't see any reason for the US to not be developing something comparable around the same time.

It's not surprising at all. In fact I think that many governments and financial authorities are doing the same. They are all aware that cryptocurrencies are the reality they can't ignore and thry need to know everything about them and how to use them the best way, what are the good sides and bad sides, how they could fit into financial system and similar. Governments are not ignoring cryptocurrencies although many think the opposite.

personally, i'd hate to see libra launch. it would be like satoshi said about wikileaks:

they've already triggered enough regulator attention just talking about launching.

i'm really not sure how much we could expect libra to affect adoption/price either. how would it drive bitcoin adoption? almost everybody has already heard of bitcoin already so i doubt the awareness factor matters much. will there be in-wallet cryptocurrency exchange capabilities? that seems doubtful too.

one way or another, the regulators are against launching the Libra project and that’s it.  This project will never be implemented until there is a ban on it.  Basically, the activities of regulators in relation to cryptocurrency are quite logical if the cryptocurrency market is gaining momentum in popularity and people tend to use cryptocurrency as a means of payment.

And in parallel, we get such stuffing.


FBI Director: Cryptocurrency Is ‘Significant Issue’ for Law Enforcement

Federal Bureau of Investigation Director Christopher Wray says cryptocurrency is a “significant issue” that is likely to become a “bigger and bigger” problem for the law enforcement agency.

Speaking in front of the U.S. Senate Homeland Security and Governmental Affairs Committee on Tuesday, Wray responded to questions from U.S. Senator Mitt Romney (R-UT) about cryptocurrency, law enforcement and terrorist deterrence, saying:

Wray supported Romney’s line of questioning concerning terrorist financing, saying that U.S. adversaries are becoming “more facile with technology and particular various types of technology that anonymize their efforts.”

https://www.coindesk.com/fbi-director-cryptocurrency-is-significant-issue-for-law-enforcement

Due to massive pressure occuring around, news related to adopting and creating a digital currency or more like a crypto in a sense of centralizing it makes no point at all.
Action takes place out of fear though they over looking something in far extent. They even thought that in the near future everything would be in their favor that I totally disagree to such idea. Because if they create crypto, buy or adopt it would totally be independent on their hands and would be determined upon the demand.

I am still quite sure that US dollar could still dominate as it is been the most recognized one around the globe less than crypto currency.

U.S. major bank already have this one, JP Morgan created its own coin for their clients to instantly settle business payments. New banking system ? yeah some sort of, as only a partial portion of the payment will be transferred to JPM coin. A smart move to use cryptocurrency and adjust to its volatility. It is just that too ironic that Jamie Dimon bashed bitcoin callingg it a fraud yet, used the concept of it after a while.

Knowing that most of the cryptocurrencies are decentralized it will be pictured out as a coup and people will basically not used bank transactions. This way is not that probable, banks will lose if they start to do this, but if they tend to do so then it would be the worst decision to be made.

I definitely notice that around me, mainly so now that banks are rapidly withdrawing more and more of their atm's. It was always the convenience that people had here knowing that they can withdraw cash from an atm would there be any problems, but that safeguard is being taken away from them. It rightfully worries people as this is a broad problem.

No cash means no private transactions when needed and no money to begin with when your digital balance is being frozen for whatever reason.

Compared to the majority of the sub 40 age category being fully into plastic and mobile payments it might not look too impressive, but they will eventually pay the price for their ignorance when shit hits the fan. I now make sure to have at least 3 months of cash reserves at home to pay bills and whatnot. Better safe than sorry.

I agree, with how the US Congress and the government has just been handling this Facebook Libra issue is just causing a lot of serious issues, I think Libra is waiting for time to pass so they can release with all of this drama behind them.

I think Libra is pretty cool, and I'd want it to launch, it would bring a lot of mainstream attention to crypto-currencies, especially with the customers that Facebook's network has.

i've never come across anyone IRL who was worried about this stuff. only bitcoiners. maybe it's different in the states. not many people are in the "cash under the mattress" mindset.

the fact that young people don't use cash leads me to believe that restricting cash in the future will go over fairly easily. :-\

Is the time!

ECB explores development of a digital currency: https://www.ft.com/content/56db1f62-104b-11ea-a7e6-62bf4f9e548a

BRICS member nations propose creating a cryptocurrency for payment settlements : https://www.theblockcrypto.com/post/47230/brics-member-nations-propose-creating-a-cryptocurrency-for-payment-settlements