Is The Federal Reserve Already Building a CBDC without congressional approval?
Whether they will publicly admit it or not, the U.S. government is venturing into the world of digital currencies, with San Francisco’s Federal Reserve Bank seeking a crypto architect for a central bank digital currency (CBDC) project, as revealed in an Indeed job posting. The role involves extensive research and development into CBDCs.
The job posting highlights the importance of understanding distributed systems implementation, cryptographic protocols, consensus algorithms, and security, indicating the seriousness of the Federal Reserve’s interest in the way that coins like Bitcoin (BTC) and Ethereum (ETH) work.
The position, with an attractive starting salary of $134,900, has been open for over 30 days. and considering that CEO of Ripple is worth a billion dollars, the CEO of USDC is worth $10 million dollars, Vitalik Buterin is worth $500 million to a $1 Billion… Do they seriously expect to compete with coins like that for a $134k?
The funny thing is that these recruitment efforts seem to be at odds with the Federal Reserve Board of Governors’ public stance on CBDCs. On July 19, the central bank tweeted that no decision had been made regarding the issuance of a CBDC and that it would only proceed with such a project if authorized by law.
The prospect of a digital U.S. dollar has ignited controversy, becoming a significant talking point in the upcoming presidential election. Critics of CBDCs raise concerns about threats to citizens’ privacy and potential government control, while proponents see it as a global application of blockchain technology.
Recently, presidential candidate and Florida Governor Ron DeSantis made a bold statement, vowing to ban CBDCs in the United States if elected. He firmly asserted that a central bank digital currency would not see the light of day during his presidency.
In a bid to prevent the Federal Reserve from creating a direct-to-consumer central bank digital currency (CBDC) that could potentially be used for financial surveillance on US civilians, U.S. Senator Ted Cruz (R-Texas), introduced new legislation in March 2023. This bill, cosponsored by Senators Braun (R-Ind.) and Grassley (R-Iowa), aims to hinder any further development of a CBDC.
In March 2023, Federal Reserve Chair Powell testified before the House Financial Services Committee, emphasizing that the creation of a CBDC would require explicit approval from Congress.
On the other side of the political spectrum we had Elizabeth Warren calling for a CBDC as early as March of 2022.
President Biden has already shown his support for CBDC’s in this executive order:
As the discussions surrounding CBDCs evolve, it is evident that the Federal Reserve is taking a cautious and deliberate approach. The recently issued paper, titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” serves as a starting point for open and transparent discussions about CBDCs, without committing to any specific policy direction.
I don’t know shit about fuck but it almost seems to me like they want to build it behind our backs while lobbying for permission from Congress so that once they have that approval, the CBDC will already be ready to implement?
Did they build FedNOW based off of India’s system of payments called, UPI, with the help of Google, so they could use it with google pay to gain an edge in the market? Or are they using some already established crypto technology as a test run for a new CBDC?
I am just passing along the info so that you can be the judge.
Let me know what you think in the comments. Stay tuned as more details come to light on this new technology.
If you want to let the US Govt. know what you think about a CBDC or FedNOW, you can do that here.
Thank you for reading!
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