The U.S. Federal Reserve is looking to hire a manager for its digital innovations policy program. The job entails researching key areas such as stablecoins and central bank digital currencies. As per the Linkedin update posted by the government agency, the manager will be looking into the impact of digital innovations on its operation. The hire will also look into the oversight of financial services, also the supervisory and regulatory framework of emerging payments platforms, activities, and institutions. Managerial Program Focuses on the Intersection of Digital Technologies and Payments The managerial program looks at the intersection of digital technologies and payments. The job posting indicates that the hire needs to look into the risks and benefits related to CBDCs, stablecoins. The manager will also have to look into the supervisory and regulatory framework for emerging payments platforms, activities, and institutions. The job posting follows the comments of Fed Chairman Jerome Powell at a Princeton University event, earlier this month where he said that the Fed would focus on better regulatory answers for global stablecoins. He stated that the central bank’s focus on stablecoin risks is a very high priority. According to Powell, the strategy surrounding a possible CBDC and other stablecoin regulation remain in a state of flux. The Federal Reserve is devoting resources to exploring risks and benefits associated with central bank digital currencies (CBDCs) as indicated by the new job posting. U.S. Federal Reserve Looking Into Policy Questions Posed by CBDCs Powell assured that the Fed wasn’t concerned with being first in the CBDC race. He even said that it would likely be years rather than months before the central bank had any sort of CBDC ready. According to Powell, the Fed is looking into the policy questions posed by CBDCs. Meanwhile, at the end of last year, then-President Trump’s Working Group on Financial Markets released a report that said that stablecoins should meet the same regulatory standards as other aspects of the financial system.
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