As FedNow Launches, Fed Reassures Public That 'Service Has No Relation With CBDCs'

This new system differs from consumer-facing apps which allow instant peer-to-peer payments, FedNow won’t be an app per se. It’s more designed to allow banks to move money instantly.

by Tyler Durden

As Bruce WIlds noted earlier in the week, The Fed has stated that FedNow is not intended to kill or replace other money transfer options like Venmo, Cash App, PayPal, or Zelle. Instead, it is designed to work alongside the current systems built by the private sector. Still. FedNow could rapidly become a game changer. Money.com notes this FedNow is launching soon. FedNow was scheduled to begin formal certification of participants of the program in April 2023, with a formal launch planned for July 2023. It will operate on a 24-hour, 365-days-a-year basis,

This new system differs from consumer-facing apps which allow instant peer-to-peer payments, FedNow won’t be an app per se. It’s more designed to allow banks to move money instantly. More than 50 financial institutions are “early adopters” of FedNow, some of the notable banks that will use FedNow include JPMorgan Chase, Wells Fargo, and Peoples Bank. 

FedNow will only be available to customers of the banks that choose to implement FedNow. The Fed says all 10,000 or so banks that are regulated by the Fed can join but will not be required to do so. The claim is that, for everyday people, FedNow could make managing money much easier and faster. It would allow you to pay your mortgage bill on Christmas Day without worrying about it being delayed or late because of the holiday.

This also means that transferring money between, say, your checking and savings accounts at different banks could be done instantly. Even gig workers like Uber drivers could get paid immediately after each completed ride. It also means a record of every transaction that occurs will be put on "record." In short "big-brother" will know everything you do, your preferences, and how you live your life. To many of us, this amounts to an invasion of privacy. 

Metal Blockchain’s listing in the FedNow Service provider showcase. Source: FedNow

Metal Blockchain is a crypto network developed by Metallicus based on a fork of Avalanche’s code. According to its documents, the network features a subnet called X-Chain that allows developers to enact rules for transferring assets. For example, a token can be issued with the rule that it “can only be sent to US citizens” or “can’t be traded until tomorrow.”

We give the last word back to Bruce Wilds, who argues that FedNow is another step towards more control over the individual. Twenty minutes into this video by Coin Bureau the narrator takes the stand that FedNow truly seems to be a Trojan Horse to usher in a CBDC system.

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