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Does Elon Musk (or CEO Linda) know about FedNow?
(www.cnbc.com)
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this post was submitted on 23 Jul 2023
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~~While it's cool and groovy the the Fed is finally seeing the light that crypto currencies have some merit, fat chance a US govt backed coin will be trusted to replace cash by the world at large (considering the USD being the world reserve currency).~~
Turns out I misread the entire thing, apologies.
FedNow isn't a cryptocurrency. It's a real-time funds clearing system, with a centralised ledger. It's not supposed to replace cash, but rather old school bank transfers that take days to clear.
You might be thinking about digital currencies which are something else the Fed is trialling and is not yet very far along.
Wait. Do... Do you guys not have e-transfers? Holy shit, this is why Venmo's a thing, isn't it?
yes, and it's why Venmo won't be a thing much longer. Expect a lot of bitching from Venmo et al in the coming months
Ah gotcha, thanks for clarifying.