The Federal Reserve plans to launch a real-time payment and settlement service to boost the country’s payment infrastructure.
A press release issued on August 5 states that the US central bank will develop FedNow, a new interbank settlement system to support faster payments. It is planned to be launched in 2023 or 2024.
With the launch of FedNow, Fed intends to upgrade the country’s payment system with a real-time service. It should be functional non-stop and be available to both companies and the general public.
Some members of the cryptocurrency community are not impressed by the Fed’s plans to launch its own real-time payment system. Anthony Pompliano, co-founder of Morgan Creek Digital Assets, pointed out that “Bitcoin is already available” on Twitter.
Bitcoin is already available. ??♂️ https://t.co/HW0Lp7N8dz
– Pomp ? (@APompliano) August 5, 2019
Others were more diplomatic with their response, such as Gabor Gurbacs, director of digital asset company MV Index Solutions, a subsidiary of VanEck investment company:
“It’s great that the Federal Reserve is taking a smart lead in terms of innovation in digital assets and payments. I recommend that you consider the benefits of Bitcoin, a functional, reliable and reliable base layer for solid money. “
Other crypto companies are positioned to contribute to the project. In June, Ripple Labs was elected to the Federal Reserve’s Faster Payments Steering Committee. This initiative intends to build “a fast, secure and ubiquitous payment network in the US”.
The Federal Reserve lowered interest rates last week, an action some experts say may be partly responsible for the recent price increase of Bitcoin.
Tom Lee, co-founder of Fundstrat Global Advisors, said:
“Bitcoin is increasingly becoming an alternative for investors against things that could go wrong. Rate reductions add liquidity. Liquidity pushes money into alternatives to traditional investments such as Bitcoin. “
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