New US Federal Reserve Real-time Payment Tool Received Perplexed Comments from Crypto Community

By Chris Torres | August 6, 2019

The US Federal Reserve Board is setting to introduce a new tool, designed for facilitating real-time payments and settlements service, in an attempt to enhance payments infrastructure across the nation.

As stated in a press release on August 5, the Board of Governors of the Federal Reserve System has made an inquiry for the Federal Reserve Banks, to come up with an interbank, real-time settlement service solution, which specifically aims to achieve greater payment speed in the country. 

The new system – dubbed FedNow – will be officially rolled out in 2023 or 2024.

the Fed hopes to bring a solution that helps advance the current payment system, with the introduction of Fednow – a tool that support 24/7 transactions on everyday of the week, accessible by both companies and general audience.

“Everyone deserves the same ability to make and receive payments immediately and securely, and every bank deserves the same opportunity to offer that service to its community. FedNow will permit banks of every size in every community across the country to provide real-time payments to their customers.”

Perplexed remarks from the crypto community have been made towards the introduction of the real-time payment tool.  Anthony Pompliano – who co-founded US-based, major crypto asset management company Morgan Creek Digital Assets – took it to Twitter to comment “Bitcoin is already available.”

A few other diplomatic comments have been made from several other crypto-related individuals.Gabor Gurbacs – crypto strategy management firm MV Index Solutions director – tweeted regarding the news.

“Great that the @federalreserve is taking a forward looking and intelligent stance regarding innovation in #DigitalAssets and #payments. I recommend considering the benefits of #Bitcoin, a functioning, reliable, trust-minimized base-layer for sound money.”

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