i was wrong.
i thought cbdc was not coming to the US but since FedNow is programmable and the Dept of Treasury is the root user of FedNow, all deposits are direct liabilities of the Fed controlled by the Treasury
FedNow is the CBDC and it is here
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FedNow is not a central bank digital currency. It’s an instant payment/settlement service offered to banks, and will compete with existing services like RTP and Zelle.
https://www.frbservices.org/financial-services/fednow/about.html
what is your definition of a cbdc?
It’s a digital currency issued by a central bank. Like paper currency, it represents a liability of the central bank. FedNow is just a service the Fed will be paid for. Also like paper currency, it’s a direct relationship between currency holders and the central bank, unmediated by other banks. FedNow is a service for banks.
all i am saying is that the dollar is the CBDC and the rails are FedNow
thank you #[1] for the correction
FedNow is not the CBDC
The dollar is the CBDC and fednow is the rails
