US Federal Reserve Hiring Retail Payments Manager to Research Digital Currencies

[hugeblack]

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

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[Wexnident]

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?

The article I had sourced actually answers this.

  “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

[silversurfer1958]

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.

[avikz]

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!

[dothebeats]

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.

[alyssa85]

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

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.

[figmentofmyass]

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.

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.

[1Referee]

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.

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.

[hello_good_sir]

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.

[Willitivity]

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.

[Kyraishi]

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 .

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!

[blckhawk]

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.

[el kaka22]

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.

[figmentofmyass]

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.

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.

[hello_good_sir]

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.

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.

[samcrypto]

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.

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.

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.

[Hydrogen]

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.

[Murat]

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.

[BitHodler]

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 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.

[desticy]

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.