Can you spell out CBDC for me? Thanks. And shame on the article writer for not doing it in the first paragraph.
“CBDC” = “Central Bank Digital Currency”, and the new “FedNow” is so far just a new settlement system like the existing “ACH” bank transfer/settlement system. CBDC comes later on when everyone gets an account at the Fed and government payments (tax refunds, Social Security pymts., etc.) go into that account...last step is CBDC and the elimination of cash.
CBDC = central bank digital currency