Unpopular opinion: FedNow is the superhero we need to save us from a U.S. CBDC.
(Full Disclosure- I used to work for the Fed)
I used to think FedNow was the pre- plumbing of a CBDC -but that’s not right at all.
Here is why:
1. FedNow modernizes interbank payments making them 24/7, 365 days/week
2. FedNow is OPTIONAL for banks.
3. The Fed has been using tech from the 1970s(ACH) for payment. (yikes)
4. Payment challenges during COVID highlighted how unmodern the tech was. This accelerated FedNow dev work.
5. The core rationale for a CBDC, is for instant 24/7 bank payments —-which matches the main use case for FedNow.
6. If FedNow works as planned it could make the development of a CBDC obsolete —-saving millions of tax payer dollars. #bitcoin
CharleneFadirepo / Charlene Fadirepo
npub1tl…62v29
2023-04-11 11:11:22
Author Public Key
npub1tl8rspqy8karrzfwltql72c4rvz4mk2vt7d3jp6yxaxpchgdcx2s962v29Published at
2023-04-11 11:11:22Event JSON
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"content": "Unpopular opinion: FedNow is the superhero we need to save us from a U.S. CBDC. \n\n(Full Disclosure- I used to work for the Fed)\n\nI used to think FedNow was the pre- plumbing of a CBDC -but that’s not right at all. \n\nHere is why:\n1. FedNow modernizes interbank payments making them 24/7, 365 days/week\n2. FedNow is OPTIONAL for banks.\n3. The Fed has been using tech from the 1970s(ACH) for payment. (yikes)\n4. Payment challenges during COVID highlighted how unmodern the tech was. This accelerated FedNow dev work.\n5. The core rationale for a CBDC, is for instant 24/7 bank payments —-which matches the main use case for FedNow.\n6. If FedNow works as planned it could make the development of a CBDC obsolete —-saving millions of tax payer dollars. #bitcoin",
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