The U.S. Federal Reserve is launching its very own “CashApp” called “FedNow” in July KossyDerrickBlog KossyDerrickEnt


Your favourite Entertainment Blog for trending Gist, Celebrity News and gossip, food and Hollywood Celebrity news. For advert and sponsored post, contact: [email protected]

Breaking News

Search This Blog

Before you used this banner


Thursday, April 6, 2023

The U.S. Federal Reserve is launching its very own “CashApp” called “FedNow” in July

The U.S. Federal Reserve is launching its very own “CashApp” called “FedNow” in July. The new app will allow businesses and individual customers of participating banks to send and receive payments 24/7.

The Federal Reserve has announced that the FedNow Service will start operating in July. The Service will debut with financial institutions and the U.S. Treasury on board.

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.

Although initially limited to interbank transactions, the launch of CBDC raises concerns. These are related to the possibility of governments banning or seizing decentralized currencies like Bitcoin, as was the case with gold in 1933.

Governments seem to seek to capitalize on crises such as bank instability. For this reason, they are promoting CBDCs as safe alternatives to paper money and a means of protection against bank runs.

In light of these concerns, the decentralized nature of Bitcoin and resistance to censorship become increasingly important.

As a decentralized currency, Bitcoin offers an alternative to CBDCs that can empower individuals and protect their financial privacy.

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.
“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,” adds Montgomery.

Bitcoin’s potential role in a world where central banks aim to control financial transactions through CBDCs or alternatives like the US FedNow payment system.

The US Federal Reserve is set to launch its digital payments system, FedNow, in July. described by Richmond Fed President Tom Barkin as “resilient, adaptable, and accessible,” the system aims to make bill payments, money transfers, and other consumer activities faster and cheaper.

No comments:

Advertise With Us