Other options being considered are ways to make the permissible surcharge clearer, whether through establishing a fixed maximum or by establishing a more readily observable measure of acceptance costs. The capping of card interchange fees is also now a longstanding policy and, we think, a beneficial one. Nonetheless, it is important to ensure that it continues to meet its objectives.
Building on our existing banking system also makes sense from a financial stability perspective. Federally insured and supervised institutions are the core of our current payment system and largely address the potential financial stability problem of relying on payment systems with 4/5  BIS central bankers' speeches  unbacked and unregulated digital currencies at their heart.