FedNow is being developed by the Federal Reserve, and is a CBDC, (Central Bank Digital Currency)…
It will enable instant digital payments 24/7 365 days a year between individuals and organizations using the FedNow app on your phone.
I have a feeling that the whole FTX scandal was a government false flag in order to bring in legislation for this new federal digital currency…
Here is the official federal reserve website for FEDNOW…
www.frbservices.org/financial-services/fednow
And according to Powell, the process of launching a digital currency will take at least another couple of years, during which the Fed will be “doing work, building public confidence in our analysis, in our ultimate conclusions, which we certainly haven’t reached yet”.
Included in that work will be bringing the FedNow instant-payment system online, currently scheduled for between May and July 2023.
Some even believe that this system, which enables all financial institutions across the US to provide safe and efficient instant-payment services in real-time around the clock, every day of the year, is a preferable long-term option to a CBDC.
“FedNow will help transform the way payments are made through new services that allow consumers and businesses to make payments conveniently, in real time, on any day, and with immediate availability of funds for receivers,” Michelle Bowman, a member of the Fed’s Board of Governors, said in August.
“Our assessment of these benefits has not changed even as we consider whether a central bank digital currency (CBDC) might fit into the future U.S. money and payments landscape.”
AC