🇺🇸🔥 THE FEDERAL RESERVE IS EVALUATING PAYMENT ACCOUNTS FOR FINTECH AND CRYPTO COMPANIES 🔥🇺🇸
The Federal Reserve is considering a new model of "payment account" that could revolutionize access to the U.S. financial system.
The idea is to allow fintech companies and crypto firms to interface with the Fed's payment systems (like FedNow or Fedwire) without obtaining a full banking license.
In practice, these businesses could hold limited accounts directly with the central bank to settle payments more quickly, securely, and transparently.
However, such accounts would have operational restrictions, such as limits on balances and prohibitions on lending or collecting public deposits.
The Fed's goal is to promote innovation and competition in payments, while maintaining the stability of the banking system.
If approved, this model would open the door to a new era of integration between traditional and digital finance, with potential benefits for the efficiency of dollar payments and the expansion of the crypto economy in the United States.