US presidential candidate Robert Kennedy says FedNow is first step to banning Bitcoin
According to Kennedy, people should not be blinded by claims that FedNow would be initially restricted to interbank transactions. He pointed out that this could be “the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.”
Federal Reserve says FedNow will go live in July
FedNow intends to handle instant payments between participating financial institutions with 24/7 availability. It will offer core clearing and settlement services, and other features are expected to be introduced in the future. The service will be used by financial institutions and payment processors of various sizes as well as the U.S. Treasury.
Though FedNow does not use cryptocurrency or distributed ledger technology, it has been advanced as a complement to central bank digital currencies (CBDC).
Same as every other CBDC. Nothing special, or innovative, about the US Fed - just the sheer size of the USD market.
Customers will always be the last layer - the layer of programmable money.
good to know, thanks.
Thx, I still think the whole "digital" money issue is a diversion. banks already have digital money; it's fundamentally about "programmable" money, and that's where DLTs come in, with or without a blockchain, plus smart contracts for SpyFi.
It is not the first time that the Fed has deliberately attacked Bitcoin, but before that they had generally targeted its fungibility. What will come ahead?