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A U.S. Congressman introduced the "Payments and Settlement Systems Act," aimed at modernizing the payment system.
BlockBeats News, April 21, according to CoinDesk, U.S. lawmakers have proposed the “Payments and Settlement Systems Act” (PACE Act), aiming to modernize the U.S. payment system.
The bill would allow eligible companies to connect directly to the Federal Reserve’s payment system, thereby reducing delays, lowering fees, and accelerating the speed of fund transfers between consumers and businesses. The proposal has received support from fintech and cryptocurrency groups, with the goal of making payments faster, cheaper, and more competitive.