Replying to Avatar Byzantine

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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graycat 2y ago

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

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Byzantine 2y ago

what is your definition of a cbdc?

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graycat 2y ago

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.

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Byzantine 2y ago

all i am saying is that the dollar is the CBDC and the rails are FedNow