But on balajis comment... FedNow in its current release is just a blockchain based payment rail with the banks as nodes. It's not the retail version of CBDC people are thinking of... yet. But give it time and they'll build on it. FedNow a top candidate as the L1 for CBDC. CBDC not quite here yet but this is a big step towards it.
Balaji’s on point here saying “The question is how to get out. Fed is launching their CBDC in July. You have about 90 days to exit. After that, you’re trapped.”
https://twitter.com/balajis/status/1638342907626409984?s=46&t=CuI8Kj75q_o2f-zLIRyZKg
Just today I listened to a podcast where Cem Kansan rather nonchalantly says that banks may have to put withdrawal limits to slow the rate at which people can take money out of the bank for “the health of the system.” https://fountain.fm/episode/14222521446
Banks are no stranger to slowing bank runs. “In the 19th century, when bank runs were common in the U.S., banks who feared a run would have employees and relatives line up in front of the tellers and make tiny deposits or withdrawals, to pass the time until the bank closed. “
https://www.npr.org/sections/money/2012/06/12/154719542/three-ways-to-stop-a-bank-run
Point being that we need to be prepared, the banks will team with government, in the face of a calamity, and will likely put restrictions on your money “for the good of the system.” It will be Covid all over again but with banks.
I will have a Plan B ready 🟠
Discussion
Enough of a step for me to take it seriously as the precursor to the CBDC. Only a matter of time 🤙
For sure. If you don't take it seriously, then you won't be prepared for when it happens.
They're coming alright... 2024 is looking like the rollout year.
Like Nigeria; Phase 1) FedNow will start as an option
But unlike Nigerians qho know the CBDC scam, we'll enter into phase 2) coercion
Then Phase 3) force.