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March 17, 2023

FedNow's Path to CBDCs: From Cash to Total Control - How Governments Will Gain Complete Oversight of Every Transaction

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. FedNow instant payment transfer service, which has many analysts speculating that it could be the first significant step towards a "digital dollar" and a Central Bank Digital Currency (CBDC). This announcement has sparked debates about the benefits and drawbacks of CBDCs, leaving many to wonder what the future holds for the financial industry.

CBDCs are digital currencies issued by central banks that function as legal tender, much like physical currency. CBDCs are designed to provide a secure and reliable payment system that can operate alongside traditional payment methods like cash and bank deposits. CBDCs are seen as a solution to many of the problems associated with traditional payment systems, such as slow settlement times,...

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