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The Federal Reserve Bank of the United States has announced that it is launching an instant payment transfer service called “ FedNow Service ,” which has features of a Central Bank Digital Currency (CBDC) and some analysts believe is the first big step towards a “digital dollar.”
On Wednesday, within hours of our reporting that the Silicon Valley Bank and Signature Bank failures could spur renewed calls for the U.S. to implement a CBDC, the Federal Reserve announced that the U.S. is rolling out the FedNow instant payment transfer service in July.
“The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch,” the announcement read. “We couldn’t be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution,” […]
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