Re:The Fed is getting into the Real-Time payments business
by FourScore on Monday August 05, 2019 @07:45PM
(#20620512)
Which in itself is one of the biggest rationales for developing such a system. The Fed really has a third unspoken directive: maintain dollar supremacy.
Re:The Fed is getting into the Real-Time payments business
by thinkloop on Tuesday August 06, 2019 @08:01AM
(#20624341)
Not so unspoken, Mnuchin on July 15:
"Treasury takes very seriously the role of the US Dollar as the world's reserve currency, and will continue our efforts to protect our country".
https://m.youtube.com/watch?v=zAICzg8ir50&t=370&feature=yout...
Re:The Fed is getting into the Real-Time payments business
by faceyspacey on Monday August 05, 2019 @09:35PM
(#20621214)
My guess is Libra (and everything else going on in the crypto world) will have 5 years before FedNow is out. A lot can happen in that time.
Re:The Fed is getting into the Real-Time payments business
by bhl on Monday August 05, 2019 @09:25PM
(#20621167)
Maybe in the United States, but I would still wager there would be interest for a Facebook's digital currency in countries with more volatile, native currencies.
Re:The Fed is getting into the Real-Time payments business
by Proven on Tuesday August 06, 2019 @08:19AM
(#20624443)
Wrong.
Libra can still provide hassle-free currency access from within supporting apps and Web sites. Also it can provide "free" transactions whereas FedNow won't be free.
For 99% of legal money senders this removes the need to consider Bitcoin or most shitcoins.
The only use case left for crypto, which Bitcoin itself has somewhat neglected, is anonymous uncensored payments. And that's the one that doesn't work because it's extremely hard to get in and out without being noticed.
This removes a huge part of the mainstream rationale for digital alternative currencies.