The federalreserve is finally set to launch its instant payments system, FedNow. Will the July arrival bolster anti-crypto arguments? jesseahamilton reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.The U.S. Federal Reserve is activating its long-awaited real-time payments system in July, the central bank said in a Wednesday statement, marking a transition that some have seen as a government challenge of the crypto sector’s instant-transaction advantages.
“We urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service,” said Ken Montgomery, the chief operating officer at the Federal Reserve Bank of Boston, who has been working on the new system he said will offer a “modern instant payment solution.”
Federal officials – including Fed Chair Jerome Powell, then-Fed Governor Lael Brainard and then-FTC Commissioner Rohit Chopra –, like the now-shuttered Diem project as a sign that a real-time payment network is needed.
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