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The Federal Reserve is planning to launch a "Basic Ledger" later this year, advancing limited access amid stalled crypto legislation
BlockBeats News, February 10th, Federal Reserve Governor Christopher Waller stated that the Federal Reserve plans to launch a "limited-purpose account" by the end of this year. As broader encryption market regulation legislation at the congressional level has stalled, the Federal Reserve will advance limited payment system access arrangements.
Waller stated that a traditional Federal Reserve master account provides institutions with direct access to the Federal Reserve's payment system and the U.S. monetary system, while the "limited-purpose account" will have significant restrictions, including no interest on accounts and no access to discount window loans.
This plan had previously solicited public opinion and exposed divisions between the encryption industry and community banks: the dispute focused on whether non-traditional financial institutions should be allowed to access certain functions of the U.S. payment system. Waller said the Federal Reserve still needs to "continue to work out" on relevant issues but hopes to implement it within the year if conditions permit.
Regarding the market environment, Waller pointed out that with the gradual fading of the "cryptocurrency market frenzy" brought about by the early days of the Trump administration, the prices of major cryptocurrencies have significantly declined. He described this volatility as "the norm in the cryptocurrency market." Data shows that after Bitcoin reached a historical high of about $126,000 last year, it has fallen to around $70,000.
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