FedNow Is Live And The Framework Is in Place for CBDCs
The comments below are an edited and abridged synopsis of an article by Daisy Luther
On July 20, with a bit of fanfare but not too much, a “wonderful” new product was launched. FedNow is live, and Americans can transfer money to their heart’s content via the Federal Reserve. That sounds great, doesn’t it?
So far, 35 banks have signed up as early adopters of FedNow, including JPMorgan Chase and Wells Fargo, but notably not including Citigroup or Bank of America. The number is lower than the Fed led the public to believe as recently as recently as June.
The US Treasury is also signed up as an early adopter of FedNow, and 353 banks and credit unions have signed up for Real-Time Payments (RTP). In order to use either service, both the sending and the receiving bank need to be signed up for the system.
The US is now officially on that slippery slope Luther has been talking about. She has written about exactly this happening, and discussed how it could evolve to control almost every aspect of Americans’ lives.
Up for discussion: Why Luther is concerned now that FedNow is live; now the early infrastructure is in place for CBDCs; the big deal with CBDCs; what can you do; and we’re all just one wrongthink away from losing our money.