US Fed’s New Job Post Clears Its Interest in Digital Currency

The United States Federal Reserve (Fed) looking for a new manager for its retail Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term section who also will be responsible to research digital currencies.

According to the job post on Monday, the new hire will be a part of the department’s retail payments section and will oversee the Fed bank’s check and automated Clearing House Clearing House A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e A clearing house is defined as an intermediary between two parties, a buyer and seller, which helps facilitate the overall process from trade inception to settlement. Clearing houses streamline the exchange of payments, securities, or derivatives transactions.The clearing house is situated between two clearing firms who also helps reduce the risk of either member firm failing to honor their respective trade settlement obligations.Buyers and sellers enter into legally binding agreements for the e Read this Term services and facilitates research in retail payments innovation, and addresses policy and regulatory issues concerning retail payment systems.

Elaborating the responsibility of the manager, the job post detailed that the new hire will be “promoting and contributing to the development and implementation of policy, regulation, and research, related to retail payment system.”

In addition to that, the person will also be responsible for research in “digital currencies, stable coins, distributed ledger technologies, and broadly financial/digital innovation in retail payments.”

The position is based in Washington, D.C., and the Fed is looking for someone with seven years of minimum experience if the person is a bachelor’s degree holder in business administration, economics, or finance, but for master's degree-holding applicants the minimum experience is set for six years.

The department is willing to pay a maximum salary of $250,700 per year under the federal pay grade of 29.

Digital dollar on the way?

The US dollar issuing department is constantly debating the prospects of digital currencies. The top officials are also considering to issue a digital version of the US dollar amid a similar approach from the governments of China.

“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,” Simon Potter, a former Federal Reserve official, said earlier.