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The Federal Reserve finalizes guidelines for access to its payment systems
The Federal Reserve said on Monday it would take a tiered approach to determining whether to grant financial institutions access to its payments system, and signaled that Cryptocurrency company will be considered at a higher level.
The Fed’s board in Washington issued final guidance Monday for its 12 regional branches to use when evaluating applications for so-called master accounts with the central bank. Such accounts allow financial institutions – mainly banks – to move trillions of dollars each day across the Fed’s payments system.