💵 The US Federal Reserve is launching a new system to speed up bank-to-bank payments -- but it is not a central bank digital currency that will lead to the end of cash, as some posts claim
"Better get your money out of banks. CBDC has started. This will be in full effect in July. Meaning you will wake up one morning and all your US paper dollars will be converted into US digital dollars," one Instagram user wrote.of FedNow, which aims to speed bank-to-bank payments, but is unrelated to studies about implementing a digital currency.
"FedNow is a payments service the Federal Reserve is making available for banks and credit unions to transfer funds. It is like other Federal Reserve payments services, such as Fedwire and FedACH. The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash."
At present,"it can take anywhere from two to six days for a check to clear in America using the backward Fed system which is built on technology from the 1960s," said
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