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Home Cryptocurrency

FED Launches Crypto Alternative Payment Tool FedNow!

Lois Zaytsaw by Lois Zaytsaw
25 July 2023
in Cryptocurrency
Reading Time: 1 min read
0
FED-Launches-Crypto-Alternative-Payment-Tool-FedNow!

The announcement came today from the Federal Reserve that FedNow, their instant payment service, has begun its operations . As per the FED’s statement 35 different banks have already activated this payment system.

Following the launch of the long-awaited FedNow Project , Chairman Jerome Powell addressed the press and emphasized how this new service will greatly simplify everyday payments . Noteworthy statements regarding the FedNow project can be found on the official website of the US Federal Reserve :

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“With more banks opting to utilize this innovative service, individuals and small businesses will have a much more convenient way to conduct cash transactions . Thanks to FedNow salaried employees will now have immediate access to funds once they receive their paychecks.”

Central Banks Seeking Alternatives to Crypto

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Due to its affordability , speed, decentralization, and security, an increasing number of individuals are embracing blockchain and cryptocurrency technology . Consequently central banks worldwide are exploring alternative services or digital currencies (CBDC) in response to the growing demand from citizens .

Certain cryptocurrency enthusiasts interpret this action by the Federal Reserve as a potential precursor towards implementing a CBDC .

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Lois Zaytsaw

Lois Zaytsaw

Content Editor, News Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.

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