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Author Topic: US Federal Reserve Hiring Retail Payments Manager to Research Digital Currencies  (Read 180 times)
justdimin
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November 07, 2019, 05:14:52 PM
 #21

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.


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November 07, 2019, 05:39:39 PM
 #22

The SEC has habitually repressed Winklevoss twins ETF proposals.

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.

They ruled coin ICOs can only be made available to accredited investors aka the wealthy.

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.

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.

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.

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November 07, 2019, 05:42:16 PM
 #23

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.

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November 08, 2019, 04:55:09 AM
 #24


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?


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.

 
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November 08, 2019, 05:19:55 AM
 #25

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:

Facilitating and contributing to innovations research including digital currencies, stable coins, distributed ledger technologies, and broadly financial/digital innovation in retail payments.
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?

Federal Reserve Bank of Dallas President Rob Kaplan has said that the reserve has been studying the potential impact of a Libra-style stablecoin and is “actively looking at and debating” issuance of a digital currency.

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
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.

 
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November 08, 2019, 05:44:57 AM
 #26

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.

 
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November 08, 2019, 05:53:42 AM
 #27

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.
More countries getting interested in blockchain and creating or planning their own centralized coin as they see the demand that people giving in to it. China, Turkey some I read before now also the US Fed. They can't deny that even they ban or limit it's usage of cryptocurrencies their people still find ways to use it in any ways they can so better they try thru their own so they can monitor it. I'm not sure if it will affect the market that big since it will focus more on centralization like Libra that's getting hard to start.

 
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November 08, 2019, 06:24:14 AM
 #28

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.  Wink

 
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November 09, 2019, 03:34:07 AM
 #29

The article I had sourced actually answers this.
Quote
  “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.”
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

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.

 
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November 09, 2019, 06:38:39 AM
 #30

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.

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November 09, 2019, 10:04:53 AM
 #31

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.

personally, i'd hate to see libra launch. it would be like satoshi said about wikileaks:
WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us.

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.

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November 10, 2019, 10:04:16 AM
 #32

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.

personally, i'd hate to see libra launch. it would be like satoshi said about wikileaks:
WikiLeaks has kicked the hornet's nest, and the swarm is headed towards us.

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.

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November 10, 2019, 05:03:35 PM
 #33

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


 
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November 11, 2019, 05:36:49 AM
 #34

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.
Quote
  “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.”
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.
same time.
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.

 
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November 11, 2019, 04:53:46 PM
Last edit: November 11, 2019, 05:24:43 PM by CarnagexD
 #35

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.

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.


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.

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.

 
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November 11, 2019, 10:33:42 PM
 #36

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.

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.

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November 12, 2019, 02:40:33 AM
 #37

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.
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 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 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.
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.

 
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November 12, 2019, 03:35:43 AM
 #38

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.

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'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. Undecided

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