In recent days, there has been a buzz surrounding the upcoming debut of the U.S. Federal Reserve’s Fednow project, slated for July 1, 2023. The discussions surrounding this topic have sparked speculation about whether this marks the central bank’s inaugural foray into a central bank digital currency (CBDC), with some suggesting that Fednow may render blockchain-based cryptocurrencies obsolete.
Fednow System Launch Ignites CBDC Speculation
The highly anticipated Fednow system is set to launch on July 1. Developed by the U.S. Federal Reserve, this payment system aims to provide “24x7x365 settlement service” and facilitate instantaneous payments. Extensive information on this subject has been released by the Fed, with significant involvement from the U.S. Treasury. The Federal Reserve’s board members have conducted an evaluation and determined that the central bank is “well positioned” to tackle the nationwide implementation of instant payment infrastructure. It is worth not
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