In a speech at the Federal Reserve Bank of Philadelphia’s Seventh Annual Fintech Conference, Vice Chair for Supervision Michael S. Barr articulated the Federal Reserve’s (Fed) stance on central bank digital currencies (CBDCs).
While much of the speech centered around the advancements in electronic payments and the pivotal role the Federal Reserve plays, there was a pronounced emphasis on CBDCs and their place in the United States’ financial future.
Fed Stresses Consumer Protection
Michael Barr reiterated the Federal Reserve’s commitment to supporting broad access and promoting financial inclusion through payments. The Fed recognizes payments as an integral part of daily life and proactively ensures that households and businesses, especially those from low and moderate-income backgrounds, access essential payment services.
Barr stressed the importance of consumer protection, fostering competition, and maintaining trust as the system evolves. Highlighting the Federal Reserve’s transition from facilitating payments using physical checks to improving electronic payments infrastructure, Barr introduced the FedNow service. Launched in July, this service facilitates instantaneous payments, ensuring funds are available 24/7.
Learn more about the Bitcoin Lightning Network, which allows Bitcoin users to send and receive instant payments.
The service, available to all depository institutions, seeks to streamline the payment process and is viewed as a supplementary solution to private-sector payment services. Such advancements can potentially revolutionize how consumers and businesses interact financially, especially for time-sensitive transactions.
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Author: BeInCrypto Team
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