Does FedNow Lay the Groundwork for a Cashless CBDC Controlled Society?

Taylor Kenney - ITM Trading Jul 29, 2023

Freedom just took a backseat to the Federal Reserve. While the repercussions of last week’s FedNow launch might not be immediately noticeable, it’s important to know that it has irrevocably altered the financial landscape.

Do you understand how it functions? And why hasn’t its activation made any noticeable difference in your daily life? Just because you can’t perceive the changes doesn’t mean you shouldn’t be wary. Last week, we discussed the greatest threat to our liberty – Central Bank Digital Currencies (CBDCs). This week, we’ll build on that discussion and explore how the initiation of FedNow is setting the stage for a future CBDC.

CHAPTERS:

0:00 Goodbye Freedom Hello FedNow
1:08 FedNow Basics
2:00 Benefits And What It Does
2:50 RTP
3:30 The Pros of FedNow
4:07 Major Concerns
5:46 Impact of FedNow
6:25 Can It Be Avoided?
7:08 How To Prepare

Link to last weeks CBDC video from Taylor: https://youtu.be/S0okBYoQp5g

SOURCES:

https://www.washingtonpost.com/business/2023/07/20/federal-reserve-fednow-payments/

https://www.federalreserve.gov/paymentsystems/fednow_about.htm

https://www.forbes.com/advisor/personal-finance/fednow-faqs/

https://www.bloomberg.com/opinion/articles/2023-07-07/fednow-is-coming-here-are-some-of-the-risks

https://www.economist.com/finance-and-economics/2023/07/20/instant-payments-finally-reach-america-with-fednow

https://www.theclearinghouse.org/payment-systems/rtp

https://www.centralbanking.com/central-banks/currency/digital-currencies/7958497/federal-reserve-denies-fednow-is-a-cbdc

https://www.paymentsdive.com/news/clearing-house-real-time-system/600184/

https://www.cnn.com/2023/07/20/economy/fednow-launch-consumer-guide/index.html

https://www.federalreserve.gov/central-bank-digital-currency.htm