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.
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Federal Reserve image via Shutterstock
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