Fed’s Powell Says Central Bank Digital Currencies Have “Substantial Issues”

Crypto enthusiasts expecting the Federal Reserve to issue its own token might have a wait ahead. During a forum organized by the Swiss Institute of International Studies, Fed chief Jerome Powell said consumers were not “clamoring” for central bank-backed digital currencies (CBDC). “For us, (CBDC) raises substantial issues that we want to see resolved,” he said and pointed out a couple of problems with them. … Continue reading Fed’s Powell Says Central Bank Digital Currencies Have “Substantial Issues”

Fed Plans to Introduce Real-time Payments Service Targeted At Small Banks

The Federal Reserve is planning to use blockchain technology to develop a real-time payments and settlement service. The new initiative is called FedNow. It will support payment transfers for up to $25,000 and is scheduled for launch by 2024. “FedNow will permit banks of every size in every community across the country to provide real-time payments to their customers,” said Federal Reserve Board Governor Lael Brainard. FedNow … Continue reading Fed Plans to Introduce Real-time Payments Service Targeted At Small Banks