The Federal Reserve of Boston is looking for a "FedNow Product Management Analyst".
From the job description on LinkedIn, it says:
"The Federal Reserve is developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality for instant payments, called the FedNow service. This service will help enable financial institutions provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds. This position is a unique opportunity to be part of fast-paced, mission-critical Federal Reserve initiative that will be transformative to the payments landscape in the United States."
Recall from March 8, the Biden Administration announced that it is putting its support behind a US central bank digital currency (CBDC). The move instructed the federal government to explore possible uses of and regulations for digital assets like crypto currencies.
The price of bitcoin moved up on the news reaching a high price of $42,591.68. However, the gains were short-lived as the next day the price retraced most of the gains and has since settle between a range between $37,600 and $40,280 until today where the price has seen some breaks to the upside (the high price reached $41,694 today).
I get the feeling this initiative from the Boston Fed is their commitment toward a CB digital currency that has characteristics of bitcoin, but is not the traded product that Bitcoin has become.
Instead it is more of a digital payment system - overlapping all financial institutions - that would get rid of paper money once and for all.
I don't think it opens the door for Bitcoin, or the potential for increased regulatory pressures down the road.
