Federal Reserve stated that FedNow Service is similar to other payment services such as Fedwire and FedACH, which work within the boundaries of the fiat ecosystem.
“The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers.”
The Federal Reserve further confirmed that it has not yet decided on issuing the highly anticipated CBDC and “would only proceed with the issuance of a CBDC with an authorizing law.” The table above highlights the initial list of participants. However, the Federal Reserve plans to onboard all 10,000 U.S. financial institutions in time to come.On May 11, the Federal Reserve announced the integration of Metal Blockchain into the FedNow Service.Metal Blockchain is a crypto network developed by Metallicus, based on a fork of Avalanche's code.
to preserve this moment in history and show your support for independent journalism in the crypto space.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rick Scott: Federal Reserve Supposed to Benefit Americans, Not Big Banks.SenRickScott touted his legislation to create more accountability at the nation’s central bank in an interview with Breitbart News, declaring that the Fed is supposed to be a boon to the American people, not the big banks.
Read more »
Federal Reserve fines Deutsche Bank’s New York branch $186 millionThe Federal Reserve Board on Wednesday said it ordered Deutsche Bank’s New York office to pay a $186 million fine based on unsafe and unsound practices and...
Read more »
Kremlin crackdown on Telegram 'extortion' hints at tensions with FSBRussian authorities detained Mikhail Polyakov, a former FSB colonel, last week. Polyakov reportedly ran a Telegram channel that covered internal Kremlin politics.
Read more »
Economist Sounds Alarm on US Dollar Losing Reserve Currency Status – Economics Bitcoin NewsAn economist with the Heritage Foundation has warned about the potential calamity of the U.S. dollar losing its reserve currency status.
Read more »
The Federal Reserve says Taylor Swift's Eras Tour boosted the economy. One market research firm estimates she could add $5 billion'The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts ... a testament to her ability to captivate audiences and drive economic growth.' TaylorSwiftTheErasTour TSTheErasTour
Read more »