FedNow rolls out in July, paving way for ‘totalitarian power' and central bank digital currencies - Richard Werner cbdc blockchain banking
The Federal Reserve’s FedNow instant payments system is rolling out in July, allowing retail banking clients to send bank transfers quickly, securely, and with minimum transaction fees using central bank funds. Richard Werner, Professor of Banking & Finance, and Author of Princes of the Yen, called the timing of FedNow’s rollout “suspicious.”
Werner pointed in particular to central bank digital currencies , digital tokens issued and controlled by central banks, and which operate as fiat money. Analysts have highlighted the fact that CBDCs could replace commercial bank deposits. A recent slew of bank failures saw Silvergate, Silicon Valley Bank, and Signature Bank’s depositors bailed out by the government and Federal Reserve. Werner suggested that this ongoing banking crisis could be used to bring about CBDCs.
Werner warned that CBDCs could bring about “totalitarian power” structures, due to the ability of central banks and governments to track, trace, and limit financial transactions through CBDCs’ programmability.
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