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>not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn’t do so without authorization from Congress. What hell i

>not only does the Fed have no plans to issue a digital currency, but it has repeatedly said it wouldn’t do so without authorization from Congress. What hell is FedNow, if not a digital currency. https://www.federalreserve.gov/paymentsystems/fednow_about.htm https://www.federalreserve.gov/paymentsystems/fednow_about.h...

dragonwriter 3y ago
> What hell is FedNow, if not a digital currency. A digital currency can be used as part of a mechanism which to send payments, but not every payment system is a digital currency. FedNow is a payment system, not a digital currency. From the FAQ on the site you link (typographic presentation of emphasis altered for constraints of HN.): ---QUOTE--- Is the FedNow Service replacing cash? Is it a central bank digital currency? No. The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers. It is like other Federal Reserve payment services, such as Fedwire and FedACH. The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. ---END QUOTE---
jqpabc123 3y ago
FedNow offers all the advantages of a CBDC for those who need it while deftly sidestepping the right wing alarmism and outrage by making it optional. Regressives can still write paper checks. Drug traffickers and luxury real estate developers can still sell/money launder to unidentified individuals using cash. https://www.buzzfeednews.com/article/thomasfrank/secret-money-how-trump-made-millions-selling-condos-to https://www.buzzfeednews.com/article/thomasfrank/secret-mone...
- hitpointdrew 3y ago
  >sidestepping the right wing alarmism and outrage by making it optional. Spoken like a true fascist. It's always OPTIONAL....at first...then mandatory.

dragonwriter 3y ago

> What hell is FedNow, if not a digital currency. A digital currency can be used as part of a mechanism which to send payments, but not every payment system is a digital currency. FedNow is a payment system, not a digital currency. From the FAQ on the site you link (typographic presentation of emphasis altered for constraints of HN.): ---QUOTE--- Is the FedNow Service replacing cash? Is it a central bank digital currency? No. The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers. It is like other Federal Reserve payment services, such as Fedwire and FedACH. The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. ---END QUOTE---

jqpabc123 3y ago

FedNow offers all the advantages of a CBDC for those who need it while deftly sidestepping the right wing alarmism and outrage by making it optional. Regressives can still write paper checks. Drug traffickers and luxury real estate developers can still sell/money launder to unidentified individuals using cash. https://www.buzzfeednews.com/article/thomasfrank/secret-money-how-trump-made-millions-selling-condos-to https://www.buzzfeednews.com/article/thomasfrank/secret-mone...

hitpointdrew 3y ago
>sidestepping the right wing alarmism and outrage by making it optional. Spoken like a true fascist. It's always OPTIONAL....at first...then mandatory.