Scheduled to launch by July 2023, FedNow vastly improves upon traditional interbank settlement systems like FedWire or ACH systems. It offers superior costs, scale, features, and intraday finality. Put simply, FedNow almost completely obviates the need for a US central bank digital currency (CBDC). But what does this mean for Cryptocurrencies (Bitcoin and Ethereum) and stablecoins?
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00:00 intro
00:24 Sponsor: iTrust Capital
00:55 FedNow Launches in July
01:45 What is FedNow Payments?
03:55 FedNow Details vs CBDC
06:10 China CBDC Digital Yuan
06:54 CBDC Self-Custody?
09:20 Bitcoin Peer-To-Peer Payments
10:00 COVID Killed Cash?
10:49 Cash & Coin Shortage
12:42 U.S. Unbanked Rates
14:12 Cash Withdrawal Bans
15:30 CBDC Fears
16:10 UK Targets Crypto Onboarding
17:42 White House Economic Report
18:15 Caitlin Long on Operation Chokepoint
20:10 Elizabeth Warren is Open To Stablecoins
21:33 Elizabeth Warren vs. Bank Fees
22:48 CBDC Timeline Ramps Up in 2023
25:42 Bitcoin Ordinals Adding Utility
26:15 Zebedee & Lightning Network Payments
28:22 outro
#Bitcoin #CBDC #Crypto
~CBDCs Killed By FedNow? Crypto vs FedNow~
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The United States Federal Reserve recently announced the introduction of FedNow, its real-time payment system. This move by the Fed has triggered concerns about the future of central bank digital currencies (CBDCs) and their viability in the U.S. market.
CBDCs are digital versions of fiat currency that are backed by central banks and are expected to offer various benefits such as faster, cheaper, and more transparent payments. However, the emergence of FedNow may extinguish the need for such currencies in the U.S. market.
One of the primary drivers of CBDCs is the evolution of cryptocurrencies, which have brought about a new era of decentralized finance (DeFi) platforms. Cryptocurrencies offer immediate transactions with minimal fees, providing a more efficient alternative to traditional money transfers.
However, cryptocurrencies have long faced the challenge of adoption, with limited access and regulatory hurdles in various countries. Moreover, they still suffer from the stigma of being associated with illicit activities and money laundering.
The arrival of FedNow, the first new payment system in the US since the introduction of the ACH (Automated Clearing House) network in the 1970s, could deal a fatal blow to CBDCs. FedNow aims to deliver instant and secure payments, effectively competing with private sector cryptocurrencies and CBDCs.
The Fed’s announcement has come at a time when many countries are still exploring CBDCs. China has taken the lead in the development of its digital yuan, and other countries, including Sweden, Japan, and Canada, have also initiated CBDC pilot programs. However, with the launch of FedNow, the US may no longer need to develop its own CBDC.
The impact of FedNow on cryptocurrencies remains uncertain. While CBDCs compete with cryptocurrencies for adoption, decentralized cryptocurrencies offer advantages like anonymity and independence from government control, which CBDCs cannot offer.
A dramatic shift towards CBDCs or cryptocurrencies remains unlikely given the vast economies of scale present in the traditional financial system, where banks and other institutions hold enormous amounts of money. However, the Fed’s introduction of instant payments may initiate significant changes in the traditional financial industry.
In conclusion, the introduction of FedNow has raised questions about the need for CBDCs in the US market, particularly as the Fed’s new payment system provides fast and secure transactions. However, the impact of FedNow on cryptocurrencies remains uncertain, as cryptocurrencies offer advantages that CBDCs cannot match. As the adoption of digital currencies continues to grow, time will tell which options will ultimately be preferred by consumers and businesses alike.
JPM CEO lol a orange suit is 15 years overdue so comical…
If central bankers can cap Abe and JFK for using USA constitutional government money thus creating competition and loss of usury for the central bankers private debt notes, then the central banks can cap anyone … too funny so all cryto CEOs and staff sleep with one eye open from now on…lol
Will the fednow or CBDC be enforced
Bitcoin and all crypto’s will soon be worthless when the globalist have their government crypto in place. They will never let the people control their own money
Advantage of crypto is noooo government !!!
The full digital enslavement has begun. Do not FedNow. FedNever
The minute they keep us from buying something people will start killing . Nobody should have that kind of power over what we spend our money on. I cannot wait for God to come
All government currency
CONTROL BANK DIGITAL CENTRAL SO THIS MUST MEANS THAT WE WILL NOW BE CALLED CHINA USA LAND OF THE CONTROLLED NOT FREE
If you can't go in a store buy gas, go to hospital or buy anything in a store without dugital security access… to be clear you are in prison witch is the opeset of being free. Write you govener no on fed now digital curancy or slave coin.
Not an even playing field. It is not considered wise to fight the FED. They are the regional tax authority. Monopoly will always seek to subvert or destroy competition. The safest crypto with the least volatility and best liquidity which can also hedge against the inflation of local currency has just been introduced by the IMF. Called the UNICOIN or UMU it will work hand in hand with the FedNow role out. Without fanfare. Obliterating many of the charms of private crypto. Which is substantially more speculative.
We have already seen abuses take place with companies like Paypal…imposing fines, freezing accounts, or just straight up stealing people’s money. What happens with FedNow where they can do all this and more? And FedNow is backed by men with guns!?
FedNow Service is the train track and the CBDC is the train. The world is heading to "One World Controlled Currency" goodbye "freedom!"
Bitcoin is slower than Heinz Ketchup, so lightning is the only hope.
The beast of the new world order before its time
This is the worst of 2 evils.
President DONALD J TRUMP all ready set up a reset backed by gold and silver,and eliminate the CENTRAL BANKING SYSTEM,FEDERAL Reserve, and IRS from this planet….
Same thing JFK HAD SET UP BEFORE HIS ASSASSINATION…
What could possibly go wrong????? Idk, hackers, down grid, no internet.. with no alternative ( like……..cash) we’re screwed. Yes gold / silver buuuuuut will everybody have the metals to barter with? Geeeeeez… what are the drug dealers gone do…. Hmmmm ? How is Donny Trump supposed to pay his whores now? Hmmmmm i ask you?
Fednow is a cbdc Trojan horse
Buy gold and silver
Backed by fairy dust. There's no tangible assets backing the CBDC's. Another Fiat. No ty
Put it somewhere nice and dark!
Let’s see. The creation of The Fed has?A: Served the People
B: Served the Fed.
Answer: B.
How about Fed Now?
Answer is B. And always will be.
Send the monster back to Jeckyll Island.
Hell no to digital uts causing deaths in nines for there products
The dollar is done for why . It will be difficult to hide money . The currupt leaders all across world will not subscribe to us dollars digitally nobody wants to have their money frozen taken away in an instant
I kinda like fed now,,, It can never be non-binary
Can’t say conspiracy theorists???? Trust no one
$25 per month, that sounds pretty expensive for FedNow. PayPal has zero cost per months and "PayPal charges 2.99% of the total transaction amount when sending or receiving money in exchange for goods and services. This is free, or 0%, for consumer-to-consumer transactions."
They are not very transparent …. that says a lot. What is it running on? ETH? After 1929 , 1970s, 2008 & all the shenanigans that went on …what did they expect people to do? Nobody wants to be manipulated again.
The government can’t even track IT’S OWN MONEY; that’s why they have to print so much. There’s NO WAY I’m trusting a government that has HORRIBLE money management skills to handle my transactions.
FedNow does nothing to fix the problems of the fiat system that led to the creation of Bitcoin. These people in government keep acting like the only problem with the existing system is ease of payments. FedNow takes all the worst aspects of the existing fiat system and amplifies them. It makes it even easier to debase the dollar and lock the accounts of private citizens who have the "wrong opinions". You now have zero privacy and zero recourse if the system decides you are a naughty person who should be canceled. If anything, the implementation of FedNow and the elimination of cash makes the need for Bitcoin even greater
You really don't know what crypto is, if you compare FED NOW with crypto!
Better off. Just hold all your crypto Inside a ledger and not in an exchange. Never do that… Did we not learn anything from FTX?
I’m curious if they could make the option to have a personal wallet like btc?
It's not to destroy crypto it's to replace stables
FedNow is precursor to CBDC…same
$100 000 max, so it shouldnt compete with XRP which is for larger payments for banks and businesses.
Lol Uncle Sam not playing
Just make the Elites and drug dealers us FedNow and that will solve the money laundering issue. I don’t have money to launder…let alone money at all
they have advance technology could create Fednow 10 y-15 ears ago, why now? Because they see the rising of crypto withou them?
They are gonna tax us on this, plus these corrupt weirdos are so keen on seeing everything we do. Since when did we say we wanted 24/7 surveillance?
Are the feds behind ftx and trying to invalidate crypto so they can control us?