The FedNow Service is an instant payment service, not a central bank digital currency. It will be launched in July.
says Americans already hold money predominantly in digital form, such as in bank accounts and payment apps. But a central bank digital currency would differ in that it would be a liability of the Federal Reserve, not of a commercial bank.
Although the Federal Reserve is considering a central bank digital currency, it is doing so"as a means to expand safe payment options, not to reduce or replace them," the agency’s onlineOn the same , the central bank said it would seek the executive branch and congressional support —"ideally in the form of a specific authorizing law" — before issuing a central bank digital currency.that directs the U.S. government to evaluate the feasibility of a potential central bank digital currency.about FedNow, posted March 15, said the service will start operating in July.
The Federal Reserve said the system’s first release will support transactions such as account-to-account transfers and bill pay. U.S. residents can still use cash to pay for goods and services. We rate the claim that the FedNow program will"replace your paper currency" False.
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