The US Federal Reserve has clarified that its new service for immediate funds between organizations – the FedNow service – has no reference to central financial institution digital currencies (CBDC).
The Fed has licensed the FedNow service as “prepared” after onboarding 41 monetary establishments, 15 service suppliers and the US Treasury Division to check the system earlier than its launch by the tip of July 2023. Nonetheless, the central financial institution needed to make clear that the promise of on the spot fiat funds and real-time gross settlement (RTGS) isn’t powered by a CBDC.
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