CharleneFadirepo on Nostr: Unpopular opinion: FedNow is the superhero we need to save us from a U.S. CBDC. (Full ...
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
(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