New World Order

The Federal Reserve has opened a path for crypto banks and stablecoin issuers to gain access to master accounts that would bring access to the global payments system. On Tuesday (Aug. 16), the Fed’s Board of Governors voted unanimously to create a three-tiered review system that would allow institutions with “novel charters” — such as the Wyoming-issued special purpose depository institution (SPDI) charters crypto bank Custodia and crypto exchange Kraken’s Kraken Bank — to apply for master accounts. The move means that, if approved, crypto banks and other FinTechs will not need to go through an intermediary bank to access the national and international payments systems that Federal Reserve bank master accounts provide access to. See also: Fed Master Accounts Give FinTechs Firepower to Meet, and Beat, Banks on Their Own Payments Turf “The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system,” Fed Vice Chair Lael Brainard said in a statement.want to read more CLICK HERE