The Federal Reserve is set to shake up the blockchain industry with the announcement of the launch of its real-time payment system, FedNow, while also abandoning the use of CBDCs for settlement purposes. The move is expected to have far-reaching implications for the blockchain industry and will be closely watched by players in the market.
With FedNow, the Federal Reserve aims to provide real-time payments to consumers, businesses, and financial institutions across the United States. The system is expected to facilitate faster and more efficient payments, as well as promote financial inclusion by allowing access to real-time payments to all members of the public.
In addition, the Federal Reserve has decided to abandon its plans to use CBDCs for settlement purposes. This move is seen as a setback for the blockchain industry, which has been trying to promote the use of CBDCs for cross-border payments and settlement purposes.
The Federal Reserve’s decision to launch FedNow and abandon CBDC settlement is a clear indication of its commitment to promoting real-time payments and providing a more efficient payment system. It is expected to have a significant impact on the blockchain industry, and will be interesting to see how other players in the market respond to this development.
