fintech / news / / The Economic Times
U.S. Federal Reserve proposes new payment account category for fintech and crypto firms, offering limited access to central bank payment infrastructure.
The Federal Reserve has proposed a limited payment account category for fintech and crypto firms.
KEY POINTS
- These proposed accounts exclude access to intraday credit, the discount window, and interest on reserves.
- Fed Governor Michael Barr dissented, citing inadequate safeguards against illicit financial activity.
- Regional Fed banks have been asked to pause decisions on pending applications during the review process.
- Final approval for these accounts will remain with individual regional Federal Reserve banks.
COMPANIES
Summarized by Newsio from The Economic Times. How we summarize →