US Fed unveils proposal for new 'payment accounts'

The U.S. Federal Reserve unveiled a proposal on May 20 for a new type of 'payment account' designed for specific financial institutions to use exclusively for payment processing. The Fed, which announced the plan on its official website, is now seeking industry feedback. The proposed account is a simplified version of the 'master account service' that the central bank offers to commercial banks. Its purpose is to increase payment speeds and reduce costs, though it would not be recognized as a full master account. CoinDesk noted that gaining access to the Fed's payment system has been a long-standing goal for the cryptocurrency industry.