The Federal Reserve (Fed) is considering the launch of a new type of payment account that would make it easier for small businesses to participate in the central bank's payment system, marking the end of the banking access challenges faced by the cryptocurrency industry.
The newly proposed "payment account" aims to grant full access to fintech companies wishing to use the Federal Reserve's payment services, which are currently only available to large banks and financial institutions through the Fed's "master account."
"I believe we can and should do more to support those who are actively changing the payment system," said Federal Reserve Governor Christopher J. Waller in a speech at the payment innovation conference on Tuesday, adding:
The payment account will be available to all legally eligible entities that currently conduct payment services through third-party banks.
Waller stated that this "streamlined" master account would provide access to Federal Reserve payment channels while "controlling the various risks faced by the Federal Reserve and the payment system."
Although the idea is still in the experimental stage, it signifies an increasing effort for fintech and cryptocurrency payment companies to integrate into the traditional financial (TradFi) system.
Industry observers view this news as a positive development for the cryptocurrency industry, as many companies have previously faced challenges with banks refusing to provide services.
During the administration of former U.S. President Joe Biden, at least 30 tech and cryptocurrency founders were denied banking services, with some industry insiders describing it as an organized effort known as "Operation Choke Point 2.0."
"Thanks to Governor Waller for recognizing the serious mistake the Fed made in preventing pure payment banks from obtaining a Fed master account and reopening the access rules that were set to exclude @custodiabank," wrote Caitlin Long, founder and CEO of Custodia Bank, in a post on X on Tuesday, adding:
The collapse of cryptocurrency-friendly banks in 2023 has sparked the first accusations of Operation Choke Point 2.0. Critics, including venture capitalist Nic Carter, have described it as a government pressure campaign urging banks to sever ties with cryptocurrency companies.
The Federal Reserve has even been experimenting with blockchain technology for payments before announcing the idea of a "streamlined" master account.
Waller stated that the central bank has been exploring the applications of blockchain and artificial intelligence in payment-related use cases, adding:
Waller further noted, "We are doing this to understand the innovations occurring within the payment system and to assess whether these technologies can provide opportunities to upgrade our own payment infrastructure."
Related: "Keep Up or Fall Behind": CryptoUK Claims Aligning with U.S. Rules is Key to the UK's Cryptocurrency Revival
Original article: “Fed Mulls Payment Accounts, Opening Channels for Fintechs and Cryptocurrency Companies”
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