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The Federal Reserve has proposed a plan to allow fintech companies and cryptocurrency platforms direct access to payment systems, which may lessen their reliance on traditional banking institutions. This initiative aims to create a more inclusive financial environment for digital currency businesses. By facilitating direct access, the Federal Reserve hopes to streamline transactions and improve operational efficiency for these platforms. The proposal is part of a broader effort to adapt to the evolving financial landscape and address the challenges faced by the crypto sector. The move could potentially reshape the relationship between fintech firms and conventional banks, enabling a more integrated approach to digital finance.
