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The US Federal Reserve Board plans to launch a real-time payment and settlement service to improve the country's payment infrastructure.
A press release issued on August 5 indicates that the Federal Reserve Board of Governors has asked the Federal Reserve banks to develop a new real-time interbank settlement service to allow faster payments to the United States. UU. The payment system calls FedNow and should be launched in 2023 or 2024.
With the launch of FedNow, the Federal Reserve plans to modernize the country's payment system with a real-time service that can transfer funds 24 hours a day, weekends and weekdays. The service will be expected to be available to businesses and the general public.
The Federal Reserve believes that such a system will allow consumers to manage their money more flexibly and make urgent payments. She also asks for comments on the design and possible features of the new service. Commenting on this issue, Federal Reserve Governor Lael Brainard said:
"Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to provide this service to its community." FedNow will allow banks of all sizes in all communities of the country to make real-time payments for your customers. "
Community reaction
Some members of the cryptocurrency community are confused by Federal Reserve plans to launch their own real-time payment system. Anthony Pompliano – co-founder of Morgan Creek Digital Assets cryptoactive management company -] tweeted, "Bitcoin is now available."
Others have been more diplomatic with their response. Gabor Gurbacs, Director of Digital Asset Strategy at MV Index Solutions, a subsidiary of the investment management firm VanEck, tweeted:
"It's great that @federalites is taking a smart and forward-looking position on innovation in #DigitalAssets and #payments assets." I recommend considering the benefits of #Bitcoin, a functional, trusted layer of trust. reliable and minimized for a good price "
Other companies related to cryptography are well placed to make a contribution to the project. In June, Ripple Labs was elected to the steering committee of the Federal Reserve's Faster Payments Task Force. The initiative aims to create "a fast, secure and ubiquitous payment network in the United States".
The Federal Reserve cut interest rates last week, a measure that some experts believe could be partly responsible for the recent rise in Bitcoin prices (BTC). Tom Lee, co-founder of Fundstrat Global Advisors, said:
"Bitcoin is increasingly a macro-hedge for investors against potential problems, interest rate cuts add liquidity, liquidity is pushing money on all these risky assets and hedging. Bitcoin. "
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