We’ve been warning you. And now it’s here…
On Thursday the Federal Reserve officially announced the launch of FedNow.
If you’ve been following us the past few months, you know FedNow is a payment system that can settle transactions almost instantaneously rather than in several days.
It’s similar to cryptocurrencies like bitcoin but with a twist. While bitcoin is fully decentralized, FedNow is a centralized government payment network.
Currently, 35 banks – including JPMorgan Chase and Wells Fargo, as well as credit unions – are participating in FedNow. As of now, participation is voluntary.
We’ll be honest: FedNow does have vast improvements over traditional payment rails.
The system helps Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other.
And it will be available 24 hours a day, every day of the year, with full access to funds immediately.
However, there’s a catch: Because FedNow is centralized, the government can track every transaction.
That doesn’t mean it will – but it has to power to do so.
More importantly, FedNow could be the launching pad for a digital dollar.
Don’t take our word for it..
Fed Gov. Michelle Bowman said that FedNow could offer some of the same benefits as a central bank digital currency (CBDC).
With FedNow live, Daily editor Teeka Tiwari says now is the time to start protecting your financial privacy.
According to Teeka, the best thing you can do to protect your financial freedom from a CBDC is to allocate a portion of your wealth to bitcoin.
However, all great change brings great profit opportunity, too. This seismic shift to a CBDCs is no different.
There are multiple ways for you to profit from the potential rollout of the digital dollar.
And Teeka has put together a new playbook to show you how.
%You can learn more here.
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Regards,
Chaka Ferguson
Editorial Director, Palm Beach Daily