Officials say FedNow will allow individuals and businesses to initiate instant funds transfers between banks. Critics warn that FedNow could be a prelude to central bank digital currency (CBDC) that threatens financial privacy and freedom.
Fund transfers between banks made through FedNow will settle directly in accounts at the central bank. Once Fed accounts become widely adopted and used for payments, critics fear it’s only one additional step to convert the “dollars” used in transactions into “FedCoin”—a proposed digital token to […]
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