US Federal Reserve Seeking Manager to Research CBDCs and Stablecoins

The U.S. Federal Reserve (Fed) has posted a job advertisement that seeks to hire a role related to stablecoins and central bank digital currencies (CBDC). The Fed is looking for a research manager to join its team to assess the “benefits and risks” of digital assets.

The Role Is Part of the Fed’s Digital Innovation Policy

Per the Linkedin job posting, the Federal Reserve Board expects the selected candidate to manage the “Digital Innovation Policy Program.” The department oversees “all aspects of a program focused on emerging issues at the intersection of technology and payments.”

The Fed highlights in the post, the “changing nature” of payment platforms in a digital environment. However, the role is not limited to doing in-depth research on how digital assets could benefit the economy.

In fact, the U.S. Federal Reserve is aiming with the research manager of the Digital Innovation Policy Program to address “regulatory framework for emerging payments platforms” issues.

The job advertisement also adds:

These topics require the Program to take into account diverse views across the Board and the Reserve Banks, necessitating a significant investment of time and resources in collaboration and communication across relevant bodies as well as the ability to cooperate with a range of domestic and international partners on digital innovations topics.

As of press time, there are 28 applicants interested via the Linkedin job posting.

Latest Developments on Stablecoins and CBDCs in the United States

The Fed has been recently treading waters on CBDCs through Jerome Powell’s speeches, the Federal Reserve chairman. During an online event at Princeton University in New Jersey earlier in January, Powell expressed that the American central bank is in no rush to be the first to work in a CBDC.

Moreover, the Fed’s chairman stressed that it could “take years” before the U.S. Federal Reserve releases a central bank digital currency.

In December 2020, three U.S. lawmakers introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and get approval from the Fed before they can issue a stablecoin.