Fed Governor: Instant Payments System FedNow Can Solve Problems That Digital Dollars Can Solve

Federal Reserve Board Governor Michelle Bowman took issue with the financial technology and encryption industries in a speech, the key of which is to promote the US central bank's digital dollar or CBDC. He believes that FedNow can solve the problems raised by some people about the need for CBDC. The industry has lashed out at banks' hopes of using crypto assets, warning that more work needs to be done on recent guidance on the Federal Reserve's "master account" requirements. Foresight News notes that the FedNow service is a new instant payment service being developed by the Federal Reserve Bank of the United States, enabling financial institutions of all sizes in every community in the United States to provide efficient instant payment services in real time, 24/7, all year round .