Federal Reserve Governor Waller: Will more actively study and embrace payment innovations

ChainCatcher message, at a conference on cryptocurrency payment innovation hosted by the Federal Reserve, Federal Reserve Governor Christopher Waller stated that the Federal Reserve will become more proactive in researching the embrace of payment innovations. Waller emphasized that the Federal Reserve intends to actively participate in this revolution and that the agency must strive to understand how to best integrate these innovations with the traditional financial ecosystem. Waller also mentioned that he has asked central bank staff to explore the concept of "payment accounts." He indicated that a possible prototype could be a "streamlined" master account that would provide access to the Federal Reserve's payment system. The Federal Reserve hopes to better understand how to connect traditional finance with decentralized finance, innovative stablecoin application scenarios, and the tokenization of financial products and services.