A specialized task force set up by the U.S. Federal Reserve has received a slew of new proposals outlining how it might utilize technology to speed up services.
In total, 16 proposals from various payment providers were submitted to the Faster Payments Task Force, convened by the Federal Reserve in 2015 as a way to channel strategic thinking on how it could update its processes and technology.
But perhaps the most notable published is by Wingcash, which goes as far as to propose that the Federal Reserve issue its own cryptocurrency.
The proposal states:
Written by Bradley Wilkes, who according to the company's website is the founder and CEO of WingCash, the proposal, if ever adopted, would find the US central bank taking steps toward embracing the long-discussed "Fedcoin" concept long used as an illustration of the technology and its potential.
Still, the report notes the inclusion of the proposal should not "imply any endorsement or recommendation" on behalf of the Federal Reserve.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Federal Reserve image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.