U.S. Representatives Introduce the "Payment and Settlement System Act," Aiming to Modernize the Payment System
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BlockBeats News, April 21st, according to CoinDesk, U.S. lawmakers have introduced the
Payment and Settlement System Act
(PACE Act), aimed at modernizing the U.S. payment system.
This act will enable eligible companies to have direct access to the Federal Reserve's payment system, thereby reducing delays, lowering costs, and speeding up fund transfers for consumers and businesses. The proposal has received support from the fintech and cryptocurrency communities, aiming to make payments faster, cheaper, and more competitive.
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