🇺🇸 The Federal Reserve is studying the opening of new payment channels for fintech and digital currency companies.
The U.S. Federal Reserve has proposed a new framework for what is known as payment accounts, allowing fintech and crypto companies limited access to the central bank's payment systems, solely for settlement and clearing purposes without granting them full banking powers.
The step aims to update the payment infrastructure and enhance efficiency and speed in transaction settlements while maintaining levels of oversight and financial stability. At the same time, the Fed seeks to strike a balance between supporting financial innovation and mitigating potential risks associated with non-bank entities entering critical systems.
This proposal could represent a significant shift in the relationship between central banks and crypto companies, but it is still under study and is expected to undergo extensive regulatory discussions before any official adoption.
#FederalReserve #fintech #Crypto
