After the People’s Bank of China announced the upcoming introduction of the legal digital currency, the Federal Reserve Board began to study the launch of its digital currency.
On November 4th, Beijing time, the Federal Reserve posted a new job posting on its website, hoping to find a manager who is expected to contribute to the research of digital currency, stable currency and distributed ledger technology.
In addition to these key responsibilities, the position also needs to promote the development and implementation of new policies, regulations, and research related to retail payment systems.
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It is reported that the Fed’s highest wage rating for this is federal level 29, which means that the position’s annual salary is up to $250,700.
The Fed has denied the issuance of the Federal Reserve Bank (Fedcoin) and is now forced to restart related research.
As early as 2015, an economist in the St. Louis branch of the Federal Reserve published a research paper on the issue of Fedcoin. However, this plan was not adopted by the Fed.
Randal Quarles, vice chairman of the Federal Reserve Board, said in 2017:
“The rapid introduction of the central bank’s digital currency may scare residents and lead to a decline in economic activity, and deploying any unproven technology may lead to other problems.”
With the rapid spread of the Facebook Libra Stabilization Coin Program and the Chinese central bank's digital currency program, the Fed clearly felt the threat.
A month ago, two US congressmen sent a letter to Fed Chairman Powell asking the Fed to consider establishing a legal digital currency. They feared that the status of the dollar would be threatened by the adoption of digital fiat money by countries.
Earlier, Bank of England Governor Mark Carney suggested in August that the digital currency supported by the central bank could replace the dollar as a global hedge currency.
Now, the Fed has extended the responsibility of retail payment managers to digital currency, stable currency and distributed ledger technology, which may indicate that the Fed is studying the possibility of issuing legal digital currency.
As of now, the Fed has not officially released plans for the issuance of legal digital currency.