{"id":345259,"date":"2023-03-21T21:30:20","date_gmt":"2023-03-22T01:30:20","guid":{"rendered":"https:\/\/www.sgtreport.com\/?p=345259"},"modified":"2023-03-21T02:33:34","modified_gmt":"2023-03-21T06:33:34","slug":"fednow-instant-payments-are-coming-and-cbdcs-will-follow","status":"publish","type":"post","link":"https:\/\/www.sgtreport.com\/2023\/03\/fednow-instant-payments-are-coming-and-cbdcs-will-follow\/","title":{"rendered":"FedNow Instant Payments Are Coming and CBDCs Will Follow"},"content":{"rendered":"

by Daisy Luther, The Organic Prepper<\/a>:<\/em><\/p>\n

\"\"<\/p>\n

There\u2019s absolutely no doubt that our financial system is in flux right now. We\u2019re watching a storm approach, and it\u2019s about to envelop the entire nation in chaotic conditions. If you think things are crazy now, just hang on to your halo\u2026it\u2019s about to get a whole lot worse.<\/p>\n

Remember how we talked about CBDCs a few weeks ago, and lots of people in the comments said never, no way, and heck no? Well, unfortunately, it\u2019s being rolled out and soon.<\/p>\n

Of course, they\u2019re not calling it CBDCs. Not yet.<\/p>\n

TRUTH LIVES on at\u00a0https:\/\/sgtreport.tv\/<\/a><\/p>\n

It\u2019s under another name, and it\u2019s not quite a federal digital currency. I\u2019m sure this, too, will be called\u00a0a conspiracy theory<\/a>, but the Federal Reserve is launching FedNow, an instant digital payment system. This in itself is not a Central Bank Digital Currency, but it puts into place the framework needed to make the idea a reality.<\/p>\n

FedNew will be launched in July,\u00a0according to a press release<\/a>\u00a0from the Federal Reserve.<\/p>\n

What is FedNow?<\/h2>\n

On March 15th, in the midst of the banking collapses, the Federal Reserve\u00a0issued a press release<\/a>\u00a0detailing a new instant payment system that will be launched in July. That system is called FedNow. Here\u2019s what they said about it.<\/p>\n

The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system.<\/p>\n

Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience. In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.<\/p>\n

\u201cWe couldn\u2019t be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution,\u201d said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive. \u201cWith the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service.\u201d<\/p>\n

Many early adopters have declared their intent to begin using the service in July, including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.<\/p><\/blockquote>\n

This has all the hallmarks of a government strategy. First, they offer it as a \u201cconvenience\u201d or a \u201csafety measure.\u201d Lots of people will jump on board in order to take advantage of this.<\/p>\n

Of course, we\u2019ve heard this song before.<\/p>\n

Next, it will be pushed harder, and those who don\u2019t adopt it will be mocked, thought of as backward, and treated with suspicion. After that, it\u2019ll be darn near impossible to do anything without it.\u00a0Sound familiar<\/a>?<\/p>\n

The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions \u2014 regardless of size or geographic location \u2014 around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve\u2019s FedLine\u00ae<\/sup>\u00a0network, which serves more than 10,000 financial institutions directly or through their agents.<\/p><\/blockquote>\n

You can find more of the Fed\u2019s sales pitch at\u00a0FedNowExplorer.org.<\/a><\/p>\n

This is NOT the digital dollar\u2026yet.<\/h2>\n

So let me be perfectly clear. This, in itself, is not the implementation of CBDCs. Instead, it\u2019s the payment network needed to implement CBDCs. An infrastructure, in a manner of speaking.<\/p>\n

There\u2019s a clear benefit to the system that will make people want to participate, especially those who do business online or who transfer large amounts of money. Who wouldn\u2019t want the proceeds from the sale of their home to be instantly available?<\/p>\n

This is just the system that allows payments to be made via a federal government network using existing banks. FedNow could quickly lead to FedCoin and it wouldn\u2019t take much effort at all.<\/p>\n

There is a precedent for federal payment networks turning into federal digital currency.<\/h2>\n

Just last week,\u00a0Marie wrote about<\/a>\u00a0the digital identity service that is funded by the US and is being used in Ukraine. It\u2019s a mechanism of digital control, plain and simple, being portrayed as something to make the lives of Ukrainians easier.<\/p>\n

But that\u2019s not the only digital program out there we need to be concerned about as a precedent. A writer for the website BeinCrypto reported several other incidences<\/a>\u00a0that could show us our future:<\/p>\n

According to global\u00a0data<\/a>, the instant payments ecosystem was valued at $100 trillion in 2021. And Asian countries like India and China are leading the sector, with the U.S. slightly late to join the club.<\/p>\n

India employs a\u00a0payment infrastructure<\/a>\u00a0based on the Immediate Payment Service (IMPS) and\u00a0Unified Payment Interface<\/a>\u00a0(UPI) to offer instant payment services to customers and merchants. Global data show India is the most active market, with transaction volume hitting $39.8 billion in 2021. With that, India has expanded its e-rupee pilot as part of its CBDC trials.<\/p>\n

China, which ranks second in that category, has widely used Alipay and WeChat for instant mobile payments. The nation has also pushed to adopt\u00a0a\u00a0digital yuan<\/a>\u00a0as its centrally-backed digital currency.<\/p><\/blockquote>\n

So, to be clear\u2026they instituted instant payment services, then a federal digital currency followed shortly thereafter.<\/p>\n

Read More @ TheOrganicPrepper.ca<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

by Daisy Luther, The Organic Prepper: There\u2019s absolutely no doubt that our financial system is in flux right now. We\u2019re watching a storm approach, and it\u2019s about to envelop the entire nation in chaotic conditions. If you think things are crazy now, just hang on to your halo\u2026it\u2019s about to get a whole lot worse. […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[151020],"_links":{"self":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts\/345259"}],"collection":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/comments?post=345259"}],"version-history":[{"count":0,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/posts\/345259\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/media?parent=345259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/categories?post=345259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sgtreport.com\/wp-json\/wp\/v2\/tags?post=345259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}