Loading ...Federal Reserve announces July launch of central bank digital currency infrastructure
A financial expert has warned that FedNow lays out the foundation for a central bank digital currency by centralizing all participating banks under the Federal Reserve.
The Federal Reserve on Wednesday announced a July launch of its FedNow service, which will enable all U.S. banks to offer instant payments 24/7, and will constitute the infrastructure of a central bank digital currency (CBDC) by linking each banking node directly to the Federal Reserve, according to financial experts.
FedNow “will enable all the banks — any bank in the United States, not just the big ones — to offer instantly available funds in real-time payments to their customers”
“Eventually, every single economic participant has an account directly with the Federal Reserve, the central bank, and then you don’t need any of the decentralized nodes of the financial system, the previously existing banks,”
One “Expert’s” Opinion …and we all know how much we can count on expert’s opinions.
Someone needs to explain how all the banks with their millions of employees are going to recieve this news
Do they know their Jobs and Influence are about to END…will they all just become useless eaters ?
The Financial Services Industry is THE ECONOMY…IMHO they will Never ever just do away with it….This is NONSENSICAL FEAR MONGERING THINKING
This guy like so many others is EXTRAPOLATING AND CATASTROPHIZING TO THE NTH DEGREE TO COME UP WITH A SCENARIO WHERE EVERY FINANCIAL TRANSACTION WILL GO THOUGH ONE CENTRAL SYSTEM WHICH WILL CONTROL EVERYONE’S LIVES.
CALL ME POLLYANNA …I AM NOT BUYING THIS .
According to That Fed Head …We have 5 years until we see how this will all work out . Plenty of time to watch and make other plans
SHEESH