China is shaking down the digital currency market, forcing mining companies in the country to make drastic changes in their operations.
Lael Brainard, a member of the Federal Reserve Board of Governors, recently spoke about the Federal Reserve’s approach and thoughts on the blockchain and digital asset industries.
In its latest statement, the Fed Reserve has confirmed that it’s publishing a discussion paper in the summer exploring the implications of the CBDC on the payments landscape.
Three U.S. agencies tasked with regulating digital currency could be about to join forces to form an “interagency sprint team” in order to better shape digital currency regulation.
Jerome Powell has in the past remained tightlipped on the central bank digital currency, urging caution and claiming the Federal Reserve was monitoring the field.
The successful applicant will be in charge of emerging payment, clearing and settlement systems for the U.S. Federal Reserve.
The proposed rules include redefining ‘money’ to include digital currencies and lowering the transaction data-gathering threshold for cross-border financial transactions.
The central bank has been studying and testing DLT for years now and is currently working on a hypothetical digital currency oriented to central bank uses.
China is advancing in blockchain adoption, the U.S. is moving towards regulation, Hong Kong and Turkey are moving closer to launching CBDCs
As cryptocurrency and blockchain continue to expand, there is a constant need for well-established, competent employees to help lead, and support the charge.
The Fed is seeking a manager for its retail payments section, who’ll also be charged with researching on cryptos and DLT.