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It’s the base for cbdc. It’s for individuals too. Only a start of worse things to come.

I just don’t see the logic there. FedNow is a long overdue improvement of an old shitty system. It doesn’t fundamentally change any aspect about the banking system that paves the way for CBDCs. If a real CBDC came tomorrow it would be implemented with or without FedNow. This is just some weird form of fear mongering that I don’t understand.

FedNow could be a catalyst for systemic issues in the banking system as highlighted by Caitlin Long in all her work focusing on banking regulation, but the link to CDBCs is tenuous as best.

https://fountain.fm/episode/14187493705

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Discussion

armstrys 2y ago

I think it was Pierre Rochard on the Investors Podcast #[4] , who recently pointed out that the distraction of being worried about CBDCs makes people forget that the banking system already has pretty full transparency into your daily use of the banking system. Unless you are the rare person who uses case for everything you already don’t have much privacy.

HoloKat 2y ago

A stepping stone for cbdc is a stepping stone for cbdc. Better to be overly cautious than oblivious.

armstrys 2y ago

FedNew is like the gravel between the stepping stones. It doesn’t t actually change anything. It’s just an addition to make the old system look more pretty.