On Wednesday, the Federal Reserve announced the launch of its FedNow Service to “offer a modern instant payment solution.”
Financial institutions will begin using the service in July.
CBDCs won’t be too far behind.
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“With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service,” said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive.
@federalreserve @frbservices announce July launch for the FedNow Service: https://t.co/a7kPqxkS7Q
— Federal Reserve (@federalreserve) March 15, 2023
The FedNow Service provides a significant step towards the full-fledged implementation of a centralized bank digital currency (CBDC).
*FEDNOW PAYMENT SERVICE WILL LAUNCH IN JULY, CENTRAL BANK SAYS
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