Moreover, the Fed has invested considerable effort in developing methods to drain or immobilize bank reserves as needed to facilitate the smooth withdrawal of policy accommodation when conditions warrant. If necessary, the Committee could also tighten policy by redeeming or selling securities on the open market.
Thus, electronic money issued by FinTech firms is at present considerably inferior to cash in terms of general acceptability. Overseas, there are cases where interoperability among payment service providers is ensured.