U.S. Federal reserve researching on digital currencies and blockchain

The U.S. federal reserve is researching on blockchain and digital currencies to innovate the retail payments. According to the job posting published on Nov 4 by Fed careers, the U.S. federal reserve is looking for a person to manage its retail payment section as well as research on digital innovation including digital currencies, stable coins, and blockchain.

The key responsibility of the role would be to lead and manage the Reserve bank’s retail payment services. Additionally, facilitate research in retail payments innovation and governance of regulatory policies related to retail payment systems.

Drive for the U.S. dollar digital version

Recently two U.S. members of congress, French Hill and Bill Foster wrote a letter to Federal Reserve, outlining concerns that the primacy of the U.S. dollar could be in jeopardy. Therefore asking Reserve bank to consider developing a digital U.S. dollar.

Referring to a study from the Bank for International Settlements, the congressman said that over 40 countries have developed or are looking into developing a digital currency. For instance, Sweden is working on an ‘e-krona’ project and China is planning to launch a digital version of the yuan later this year or in early 2020.

Last month one of the top Federal Reserve officials said that the U.S. Federal Reserve is not at the moment pursuing or developing a digital version of the U.S. dollar. The job posting indicates the U.S. Federal Reserve drive to consider digital currencies and blockchain as an option to innovate its retail payment section.