Real-Time Payments System Coming in July.
**The U.S. Federal Reserve is activating its long-awaited real-time payments system in July, the central bank. Marking a transition that some have seen as a government challenge of the crypto sector’s instant-transaction advantages.
FEDNOW SERVICE, meant to solve the existing delays for clearing financial transactions between institutions, will begin certifying its first participants at the beginning of next month. The system will operate around the clock and provide immediate, full access to funds.
An analyst suggested the system might actually be of use to crypto investors as a way for them "to fund and cash out of trades without having to leave cash or digital dollars on a trading platform".
Now that's an interesting observation don't you think.
Consider everything that is proposed and soon to be implemented could easily be built on
the Hive and the CTPX token as currency. Hmmmmmm.
Terrence
Thank you @globalcontac for the information. This does sound like a very good idea. We will see how it goes. OK I read this https://www.federalreserve.gov/faqs/is-fednow-replacing-cash-is-it-a-central-bank-digital-currency.htm and it explain it better for me even though you explained it perfectly. :) I have to read things a few times to understand it. I think it's because I don't focus well quite often. This does sound nice to have instant payment between institutions. Have a great weekend and thanks for the info. Barb !BBH !CTP
"The U.S. Federal Reserve is activating its long-awaited real-time payments system in July, the central bank. Marking a transition that some have seen as a government challenge of the crypto sector’s instant-transaction advantages."
Sounds HORRIBLE to me.
The government will directly monitor all that you do, economically. With this system, government can directly regulate how citizens can spend money, dictating what you can and cannot buy. Immediately, there will be no privacy and in time, paper money will be phased out.
North Carolina has vetoed the program, not wanting federal jurisdiction imposing on state's rights. For once, I agree with a "red" state.