The U.S Federal Reserve banking system is launching its own "Cash App" called "Fed Now" in July. This is a movement towards getting rid of physical money & having digital currency. pic.twitter.com/lYdvZ6vPz0
— SAY CHEESE! 👄🧀 (@SaycheeseDGTL) April 6, 2023
The Federal Reserve is launching a new instant payments system called FedNow, expected to launch in July 2023.
The system will allow financial institutions to send and receive funds in near real-time, which could have a major impact on the US payments ecosystem.
FedNow will be a cloud-based solution available online 24/7 and open to depository institutions eligible to hold accounts with the Federal Reserve.
The primary goals of FedNow are to provide immediate access to funds and offer real-time and accurate views of account balances.
The system promises to enable smoother operations by ensuring instant payment capabilities without any delays of a few business days, or during holidays or weekends.
Central banking digital currency (CBDC) will change the world but in no way as extracted. CBDC will compound all problems caused by the central banking system, and accelerate the need for decentralised economic systems. (globalsafetywatch.org)
“We can increase the value of every government AND better the lives of every human being. Or risk the worst recession in history. But, until this is a public vote, the latter is chosen for us by our financial institutions.” (World Trade Organization)
h/t Drjizzy