A pretense that this is somehow linked to safety is absurd. It is the step among several towards a digital ID, required to do transactions. Tick tock.
I wondered about this, the Fed competing with all the different payment systems out there. It should be illegal.
Worldtraveler once upon a time :”A pretense that this is somehow linked to safety is absurd.
It is the step among several towards a digital ID, required to do transactions. Tick tock. “
”The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system,
seen by some as an alternative to central bank digital currencies and stablecoins. "
"The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks.
It does not rely on blockchain technology.
It’s a significant step for the government, as it is controlled by the Federal Reserve.
Clearing House’s RTP network, which also offers real-time payments, is operated by a consortium of large banks."
"According to a March 15 announcement, the U.S. Fed said the debut of FedNow is set for July, with the U.S. Treasury
and a “diverse mix of financial institutions of all sizes” ready to use the network from launch.
The Fed said it will “begin the formal certification of participants” during the first week of April in preparation for the launch."
"The Fed has just announced that it will be in DIRECT competition with all other payment systems -- such as Zelle, PayPal,
as well as most bank credit cards and of coursed American Express."
(My Comment): Federal Government going into "Direct competition with all other payment systems" - says to me that the Fed is now operating as a commercial business enterprize.
And they get to pick who, what size bank is involved and where geographically they will be located.
This reminds me of during quarantine, the Fed chose which stores were allowed to stay open, ..and who got closed.
The Fed chose the winners and losers.
Now they are going head-to-head with private businesses.
Stable ? Reliable ? The last I knew the Fed was still looking for the 2.5 Billion$ in missing covid relief monies.
Spot on comment.
because everything they touch turns to poopie