The Federal Reserve announced, in May 2023, they will launch the new FedNow payment system. It’ll make payments instant instead of taking days, but at what cost?
Today, we use the ACH system which is already run by the Fed. Will the new system really be an improvement, or take us another step closer to a digital dollar?
The Biden administration is still looking at a Central Bank Digital Currency (CBDC). Here’s a White House brief. It’s all still in the discovery phase, but will probably keep pressing forward.