Federal Reserve Governor Christopher Waller has indicated that the central bank is exploring a potential framework that could enable regulated financial institutions to offer crypto payment services. Waller made these remarks during his opening address at the Federal Reserve Payments Conference.
Exploring a "Payment Account" for Crypto
Waller stated that the Federal Reserve is considering the idea of a "payment account." This account would likely be a foundational element for regulated financial institutions to engage with cryptocurrencies for payment purposes. The aim appears to be to provide a more structured and secure pathway for integrating digital assets into the existing financial infrastructure.
Focus on Stability and Regulation
While details remain scarce, the emphasis on a "framework" suggests a move towards establishing clear rules and guidelines. This approach would likely aim to mitigate the risks associated with cryptocurrency volatility and illicit activities, ensuring that any integration into the payment system aligns with broader financial stability objectives. The Federal Reserve's cautious approach underscores its commitment to maintaining a secure and reliable payment ecosystem.