FedNow Instant Payments Are Coming and CBDCs Will Follow
by Daisy Luther
If you think things are crazy now, just hang on to your halo…it's about to get a whole lot worse.
Remember how we talked about CBDCs a few weeks ago, and lots of people in the comments said never, no way, and heck no? Well, unfortunately, it's being rolled out and soon.
Of course, they're not calling it CBDCs. Not yet.
It's under another name, and it's not quite a federal digital currency. I'm sure this, too, will be called a conspiracy theory, but the Federal Reserve is launching FedNow, an instant digital payment system. This in itself is not a Central Bank Digital Currency, but it puts into place the framework needed to make the idea a reality.
FedNew will be launched in July, according to a press release from the Federal Reserve.
What is FedNow?
On March 15th, in the midst of the banking collapses, the Federal Reserve issued a press release detailing a new instant payment system that will be launched in July. That system is called FedNow. Here's what they said about it.
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.
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