Fri Mar 17, 2023 – 1:59 pm EDTFri Mar 17, 2023 – 2:29 pm EDT
(LifeSiteNews) — The Federal Reserve on Wednesday announced a July launch of its FedNow service, which will enable all U.S. banks to offer instant payments 24/7, and will constitute the infrastructure of a central bank digital currency (CBDC) by linking each banking node directly to the Federal Reserve, according to financial experts.
FedNow “will enable all the banks — any bank in the United States, not just the big ones — to offer instantly available funds in real-time payments to their customers”, explained Fed Chair Jerome Powell before the House Financial Services Committee on March 8.
According to a Federal Reserve press release, “many early adopters” plan on using the FedNow service in July upon its launch, “including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.”
However, FedNow program executive Ken Montgomery noted that “growing the network of participating financial institutions will be key” to greater availability of the FedNow service.
Cointelegraph pointed out that FedNow could “stand in place of a central-bank-issued digital currency.”
While Federal Reserve Vice Chair Lael Brainard maintained
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