Federal Reserve Board member: The Federal Reserve will be more proactive in researching and embracing innovation in the payment sector

PANews reported on October 21st that according to Bloomberg, Federal Reserve Board Governor Christopher Waller stated that the Fed will more actively explore how to embrace innovative developments in the payments sector. In remarks prepared for the Federal Reserve's Payment Innovation Conference in Washington, Waller said, "This revolution that is reshaping payments is driving change everywhere, and I want to make clear that the Federal Reserve intends to be an active participant in this transformation." Waller emphasized that the Fed must do its best to understand how best to integrate these innovations with the traditional financial ecosystem. Waller also stated that he has asked central bank staff to explore the concept of a "payment account." He said one possible prototype is a "lite" master account that would provide access to the Federal Reserve's payment system.

The Federal Reserve hopes to better understand how to coordinate traditional and decentralized finance, as well as the emerging application scenarios of stablecoins and the tokenization of financial products and services. The conference also plans to explore the intersection of artificial intelligence and payments.