The U.S. Federal Reserve is seeking to be more involved in the central bank digital currencies and stablecoins sector, as its most recent job posting shows. The successful applicant will be in charge of emerging payment, clearing, and settlement systems for the Fed. Posted on LinkedIn, the job listing by the U.S. Fed is for the Manager of Digital Innovations Policy Programs. Several central banks around the world are currently developing CBDCs.
The manager will be overseeing the Fed’s involvement in emerging tech-based systems.
“The Manager will lead a section that may monitor, supervise, and assess risks and risk management and develop, implement, and interpret domestic and international risk management policies, standards, regulations, and guidance for financial market infrastructures,” the listing outlines. One of the hired manager’s key responsibilities will be overseeing the Fed’s involvement in emerging tech-based systems. Specifically, the regulator is seeking to oversee the “changing nature of money and payment platforms.” The Fed wants its manager to assess “the potential benefits and risks associated with digital assets such as stablecoins and central bank digital currencies.
The Federal Reserve will collaborate more with other relevant bodies to regulate the industry.
The manager would also assess the impact of digital innovations on the Fed’s operation and oversight of financial services, and the supervisory and regulatory framework for emerging payments platforms, activities and institutions.” The financial watchdog revealed that it would be looking to collaborate more with other relevant bodies to regulate the industry. At the time of writing, 28 applicants had applied for the position via LinkedIn. The job listing comes at a time when the U.S. government is increasingly becoming involved in stablecoin oversight.