The U.S. Federal Reserve is launching its very own “CashApp” called “FedNow” in July. The new app will allow businesses and individual customers of participating banks to send and receive payments 24/7
This is as the future of money movement looks set to reach a crescendo this July when Federal Reserve launches its long-awaited payments service, FedNow Service.
When FedNow goes live, there will be no turning back. Insiders on the government project, including Dan Baum, the senior vice president and head of FedNow’s payments product, told PYMNTS last fall that the platform represents “the beginning of the reality of truly modern payments in the U.S.”
What that means for the other alternative-fiat assets riding the wave of digitization, including offerings like stablecoins and a potential U.S. central bank digital currency (CBDC), remains to be seen.
A recently published White House economic report takes the view that despite leveraging the emergent environment, digital assets, particularly crypto, have failed to provide any real value other than bringing key user demands for the future of payments and digital money conveniently to the forefront.
“The growth of crypto assets has revealed a demand for a faster and more inclusive financial system with a real-time payment system and circulating digital money.
This vision has not been realized [by crypto],” the White House paper stated, going on to emphasize that, “the benefits of circulating digital money after FedNow is launched may be minimal.”
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