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Federal Reserve announces July launch for the FedNow Service (Can you say "CBDC"? I knew you could!)
The Federal Reserve ^ | 3/15/23 | Federal Reserve

Posted on 03/15/2023 6:14:25 PM PDT by C210N

Federal Reserve announces July launch for the FedNow Service

For release at 5:00 p.m. EDT

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The Service will Debut with Financial Institutions and the U.S. Treasury on Board

CHICAGO – The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch.

The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system.

Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience. In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.

"We couldn't be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive. "With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service."

Many early adopters have declared their intent to begin using the service in July, including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.

In addition to preparing early adopters for the July launch, the Federal Reserve continues to engage a range of financial institutions and service providers to complete the testing and certification program and implement the service throughout 2023 and beyond. Montgomery noted that availability of the service is just the beginning, and growing the network of participating financial institutions will be key to increasing the availability of instant payments for consumers and businesses across the country.

The FedNow Service will launch with a robust set of core clearing and settlement functionality and value-added features. More features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the FedNow network expands in the coming years.

"With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible," said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor. "The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy."

About the FedNow Service The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org. Last Update: March 15, 2023


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Government
KEYWORDS: bidenregime; bidenvoters; cbdc; centralbank; christienoth; currency; digital; digitalcoin; digitalcurrency; fed; federalreserve; fedline; fednow; fednowexplorer; fedscam; worthlessjoe
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This appears to be the much anticipated rollout of a CBDC by the non-federal non-reserve Federal Reserve.

Assuming this will NOT be PM-backed, it will fail. Quickly, IMHO.

Tandem to this, a few days ago, the FDIC said it was insuring the SVB deposits, not to $250,000, but to infinity. Doesn't matter what your deposit was, it will be insured - only way this can POSSIBLY be done is by printing more fiat, given that the FDIC's capitalization is a mere fraction of 1% of the $250,000-based deposits.

1 posted on 03/15/2023 6:14:25 PM PDT by C210N
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To: C210N
"The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy."

Except privacy.

2 posted on 03/15/2023 6:21:11 PM PDT by glorgau
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To: C210N

We’ll see if it works better than the Obama-Care rollout.


3 posted on 03/15/2023 6:21:41 PM PDT by Rennes Templar (Come back, President Trump.)
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To: C210N

One more piece of the puzzle on the path to the new currency.

Fed Now is only the settlement system.


4 posted on 03/15/2023 6:22:16 PM PDT by EBH (America Blackmailed, The True Story of the World War...Coming Soon)
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To: C210N

Viewing this from a slightly different angle - the bank failures, now “fully insured”, are designed to corral us depositors, pawns/hoi-polloi, into a Chinese-style woke-scored financial system. More failures, more clamor to do something, that something being FedNOW (CBDC).

Welcome our new overlords!


5 posted on 03/15/2023 6:23:18 PM PDT by C210N (Everything will be okay in the end. If it’s not okay, it’s not the end.)
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To: C210N
only way this can POSSIBLY be done is by printing more fiat

The Fed already announced (Sunday or Monday) that they will be doing a “mini” QE. That will last for a bank failure or two and the computers will be generating billion and billions each day. All that when the Fed is upside down on its balance sheet by a trillion.

These people are not serious. We need some adults running things.

6 posted on 03/15/2023 6:25:24 PM PDT by ConservativeInPA ("How did you go bankrupt?" Bill asked. "Two ways," Mike said. "Gradually and then suddenly." )
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To: C210N

A digital wallet that will track every penny going in and out of the account.

If you give your children 50 dollars to mow the lawn, the feds will know about it and expect the child to pay taxes on it. It’s coming.


7 posted on 03/15/2023 6:28:31 PM PDT by Flavious_Maximus (Tony Fauci will be put on death row and die of COVID!)
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To: Flavious_Maximus
to mow the lawn...

Make sure your kid doesn't sweat when he/she mows. Any drops of sweat that hits the ground, the EPA will come down on you for the 'navigable' waterway on your property.

8 posted on 03/15/2023 6:31:40 PM PDT by C210N (Everything will be okay in the end. If it’s not okay, it’s not the end.)
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To: Flavious_Maximus

I suggest putting as much cash aside as possible now. We’ve been saving hubby’s cash tips for several yrs now. We only put it in the bank when it’s absolutely necessary. I plan on keeping a minimum reserve of $10k at all times so when the social credit scoring crap comes along, we’ll be immune for a while at least.


9 posted on 03/15/2023 6:42:26 PM PDT by Prince of Space (Let’s Go, Brandon! )
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To: thouworm; lightman

Ping to CBDC Digital Currency...


10 posted on 03/15/2023 6:45:55 PM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: C210N

Can you spell out CBDC for me? Thanks. And shame on the article writer for not doing it in the first paragraph.


11 posted on 03/15/2023 6:55:02 PM PDT by upchuck (When you never took the vaccine or boosters: Still alive and healthy with no chance of side effects.)
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To: Prince of Space

Since 2008, some facility residences have been taking it to the mattresses. Worried that their paper will be worthless with this CBDC


12 posted on 03/15/2023 6:58:39 PM PDT by griswold3 (Truth, Beauty and Goodness ; Quos Deus vult perdere, prius dementat)
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To: upchuck

“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.


13 posted on 03/15/2023 7:03:41 PM PDT by Drago
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To: upchuck

CBDC = central bank digital currency


14 posted on 03/15/2023 7:03:53 PM PDT by C210N (Everything will be okay in the end. If it’s not okay, it’s not the end.)
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To: srmanuel

ping to you


15 posted on 03/15/2023 7:07:55 PM PDT by kiryandil (China Joe and Paycheck Hunter - the Chink in America's defenses)
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To: griswold3
, some facility residences have been taking it to the mattresses. ..

A good way to sidestep CBDC is to have possession of physical metals, like gold and silver.

Go thru your family heirlooms, in search of sterling. Kids these days have zero interest in family furniture, china, furniture.... get rid of what you must, but absolutely RETAIN your sterling, silver/gold jewelry - this stuff will be highly prized, and a source of real wealth, come CBDC iron-fisted control.

And, while you still can, consider *trading* your worthless fiat for gold, and silver especially.

16 posted on 03/15/2023 7:09:13 PM PDT by C210N (Everything will be okay in the end. If it’s not okay, it’s not the end.)
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To: C210N

Time to leave


17 posted on 03/15/2023 7:22:21 PM PDT by WKUHilltopper
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To: C210N

18 posted on 03/15/2023 7:24:09 PM PDT by Bobalu (Unrepentant communists, NAZI’s and totalitarians of all stripe are bowing toward Davos)
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To: C210N

How do you spend it?


19 posted on 03/15/2023 7:35:06 PM PDT by MV=PY (The Magic Question: Who's paying for it?)
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To: C210N

Only another year or so until SloJo starts paying off my T-Bills in CBDC.


20 posted on 03/15/2023 7:41:03 PM PDT by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals)
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