Fed Mulls ‘Skinny’ Payment Accounts To Open Rails For Fintech, Crypto Companies

Please follow us on Gab, Minds, Telegram, Rumble, Truth Social, Gettr, Twitter, Youtube  

The US Federal Reserve is considering the introduction of a new type of payment account that would make it easier for smaller companies to participate in the central bank’s payment system, signaling the end of the crypto industry’s banking access challenges.

The newly floated “payment accounts” would seek to grant full access to fintech companies seeking to utilize the Fed's payment services, which are currently reserved for large banks and financial institutions through the Fed's “master accounts."

“I believe we can and should do more to support those actively transforming the payment system,” said Fed Governor Christopher J. Waller during his speech at the Payments Innovation Conference on Tuesday, adding:

“To that end, I have asked Federal Reserve staff to explore the idea of what I am calling a "payment account."

Read more here.

‘NO AD’ subscription for CDM!  Sign up here and support real investigative journalism and help save the republic!