Fed considers new payment accounts for crypto firm network access

The U.S. Federal Reserve is considering the introduction of payment accounts that would allow cryptocurrency and fintech firms to access its payment network, The Block reported. Federal Reserve Governor Christopher Waller said that cryptocurrency will no longer remain on the periphery and introduced a new prototype to expand central bank services. He has requested that the Fed review the idea for the payment accounts, which he described as a type of skinny master account. Speaking at a Fed payment innovation conference, Waller emphasized that the DeFi industry should not be an object of suspicion or contempt. He added that distributed ledger technology and cryptocurrencies are becoming increasingly integrated into the structure of the payment and financial systems.