Watchman: Fed Dramatically Speeds Up U.S. Payments With FedNow, but Downplays Any Tie to CBDCs–Don’t Trust The Fed’s

HNewWire:

Some argue it would weaken crypto’s payments use case or form a bridge to a digital dollar.

AccessTimeIconJul 20, 2023 at 9:36 a.m. CDT
Updated Jul 20, 2023 at 2:54 p.m. CDT

Takeaways

  • FedNow conveys money almost instantly, versus the hours or days it has conventionally taken in the U.S. – finally bringing the world's largest economy in line with other countries.
  • The central bank has denied that FedNow is tied to any digital U.S. dollar initiative.

The U.S. Federal Reserve officially opened its new instant payments service, FedNow, on Thursday, significantly speeding up how long it takes to send money in the world's largest economy.

The central bank said 35 banks and credit unions are participating. Early adopters include JPMorgan Chase and Wells Fargo, with 16 other institutions supporting processing of payments that the Fed argues will offer just-in-time access to paychecks and invoices.

That is a dramatic change from the previous status quo, when payments sent through the U.S. banking system can take hours or days to get from one entity to another. Other countries have already shifted to instant payments.

"The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," Fed Chair Jerome Powell said in a statement.

FedNow offers functionality that proponents of cryptocurrencies and blockchains have long championed: making it easier to move money around. The service could, therefore, increase friction between the conventional financial system and crypto – at a time when U.S. regulators have taken aggressive steps to clamp down on digital currencies.

FedNow has faced some criticism over potentially building a bridge to a future digital version of the U.S. dollar. However, in a July 10 FAQ, the Fed denied FedNow is tied to putative plans for such a thing.

Not a digital currency

“The FedNow Service is not related to a digital currency,” the Fed said, with officials such as the Treasury's Janet Yellen arguing the U.S. should consider a central bank digital currency (CBDC). “The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.”

The Fed says its new service will operate 24 hours a day. While continuing to use commercial banks as intermediaries, central bank officials have previously said it will allow payments to be processed in a matter of seconds, something that’s already the norm in many other jurisdictions across the world. That compares to a same-day service from the existing U.S. automated clearinghouse system, or delays of days or weeks for cashing a check.

Officials including Powell have previously said the real-time payment network is needed to avoid having to depend on private sector alternatives, like the now abandoned stablecoin Diem (previously named Libra) by Mark Zuckerberg's Meta (previously Facebook) while some have seen it as a step towards a central bank digital currency.

UPDATE (Jul 20, 2023, 15:12 UTC): Adds paragraph with extra details about the FedNow service.

UPDATE (Jul 20, 2023, 15:44 UTC): Adds Fed Reserve's FAQ statement regarding CBDC.

UPDATE (Jul 20, 2023, 15:56 UTC): Adds link to FAQ and clarifies date posted.

Story continues below

CORRECTION (July 20, 2023, 17:29 UTC): Fixes the spelling of Mark Zuckerberg's first name.

Edited by Sandali Handagama and Nick Baker.

Watchman Says the Mark of the Beast Is Coming Very Soon: Totalitarian Tyranny via Mandatory Digital ID (Which Will Serve as a Permission System, Provided You Meet All the Requirements for Validity) And Cashless CBDC

By StevieRay Hansen | May 29, 2024

HNewsWire: This is a watertight control system. If the perpetrators wish to deny you right to travel outside your 15min zone, your digital ID won’t operate doors and gates. Your “money” won’t be accepted for purchases, period. If they require you to get “vaccinated” to maintain validity of your digital ID, you’ll get jabbed or you’ll suffer mounting restrictions & sanctions. Ultimately, you’ll have no right to access anything or buy anything. Those “vaccines” they’re still lying about? Of the mRNA type, they’re designed to injure, maim and kill. That’s why they’re erecting factories to make billions more doses all over the world. This is a global coup which has already happened. It’s converging on totalitarian tyranny and depopulation. I believe the answer to the “Why are they doing this?” is complex. However, it involves imo a real satanic component….…...

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Watchman: It Would Be Quite Foolish Not to Believe That the FedNow Program Is a Stepping Stone Towards CBCDs at This Stage–the Beast Has Been Roll Out

By StevieRay Hansen | April 1, 2023 |

HNewsWire: by Brian Shilhavy Editor, Health Impact News Note: While I am writing and publishing this article on March 31, 2023, most of you will be reading this on April 1, 2023, or later. The first week of April, 2023 marks the beginning of the enrollment and certification process for financial institutions to start participating in the Federal Reserve’s new FedNow “Instant Payments” services, which is scheduled to launch in July, 2023. (Source.) What is FedNow? The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real time, around the clock, every day of the year. Financial institutions and their…

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Source: CoinDeck  HNewsWire

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