Scheduled to launch by July 2023, FedNow vastly improves upon traditional interbank settlement systems like FedWire or ACH systems. It offers superior costs, scale, features, and intraday finality. Put simply, FedNow almost completely obviates the need for a US central bank digital currency (CBDC). But what does this mean for Cryptocurrencies (Bitcoin and Ethereum) and stablecoins? ~This episode is sponsored by iTrust Capital~ iTrustCapital | Get $100 Funding Reward + No Monthly Fees when you sign up using our custom link! ➜ 00:00 intro 00:24 Sponsor: iTrust Capital 00:55 FedNow Launches in July 01:45 What is FedNow Payments? 03:55 FedNow Details vs CBDC 06:10 China CBDC Digital Yuan 06:54 CBDC Self-Custody? 09:20 Bitcoin Peer-To-Peer Payments 10:00 COVID Killed Cash? 10:49 Cash & Coin Shortage 12:42 U.S. Unbanked Rates 14:12 Cash Withdrawal Bans 15:30 CBDC Fears 16:10 UK Targets Crypto Onboarding 17:42 White House Economic Report 18:15 Caitlin Long on Operation Chokepoint 20:10 Elizabeth Warren is Open To Stablecoins 21:33 Elizabeth Warren vs. Bank Fees 22:48 CBDC Timeline Ramps Up in 2023 25:42 Bitcoin Ordinals Adding Utility 26:15 Zebedee & Lightning Network Payments 28:22 outro #Bitcoin #CBDC #Crypto ~CBDCs Killed By FedNow? Crypto vs FedNow~ ⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺ Become a Diamond Circle Member FREE! ➜ Subscribe on YouTube ✅ Facebook 📱 Twitter 📱 Crypto Power Index Beta Access ➜ Looking for the best tax havens for Crypto? Free Month with iTrust Capital - Use PROMO CODE - PAUL BARRON ───────────────────────────...(read more)
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The United States Federal Reserve recently announced the introduction of FedNow, its real-time payment system. This move by the Fed has triggered concerns about the future of central bank digital currencies (CBDCs) and their viability in the U.S. market. CBDCs are digital versions of fiat currency that are backed by central banks and are expected to offer various benefits such as faster, cheaper, and more transparent payments. However, the emergence of FedNow may extinguish the need for such currencies in the U.S. market. One of the primary drivers of CBDCs is the evolution of cryptocurrencies, which have brought about a new era of decentralized finance (DeFi) platforms. Cryptocurrencies offer immediate transactions with minimal fees, providing a more efficient alternative to traditional money transfers. However, cryptocurrencies have long faced the challenge of adoption, with limited access and regulatory hurdles in various countries. Moreover, they still suffer from the stigma of being associated with illicit activities and money laundering. The arrival of FedNow, the first new payment system in the US since the introduction of the ACH (Automated Clearing House) network in the 1970s, could deal a fatal blow to CBDCs. FedNow aims to deliver instant and secure payments, effectively competing with private sector cryptocurrencies and CBDCs. The Fed's announcement has come at a time when many countries are still exploring CBDCs. China has taken the lead in the development of its digital yuan, and other countries, including Sweden, Japan, and Canada, have also initiated CBDC pilot programs. However, with the launch of FedNow, the US may no longer need to develop its own CBDC. The impact of FedNow on cryptocurrencies remains uncertain. While CBDCs compete with cryptocurrencies for adoption, decentralized cryptocurrencies offer advantages like anonymity and independence from government control, which CBDCs cannot offer. A dramatic shift towards CBDCs or cryptocurrencies remains unlikely given the vast economies of scale present in the traditional financial system, where banks and other institutions hold enormous amounts of money. However, the Fed's introduction of instant payments may initiate significant changes in the traditional financial industry. In conclusion, the introduction of FedNow has raised questions about the need for CBDCs in the US market, particularly as the Fed's new payment system provides fast and secure transactions. However, the impact of FedNow on cryptocurrencies remains uncertain, as cryptocurrencies offer advantages that CBDCs cannot match. As the adoption of digital currencies continues to grow, time will tell which options will ultimately be preferred by consumers and businesses alike. https://inflationprotection.org/can-crypto-survive-fednows-emergence-in-the-face-of-cbdcs/?feed_id=92730&_unique_id=644db460cbff9 #Inflation #Retirement #GoldIRA #Wealth #Investing #Bitcoin #cashban #cbdc2023 #cbdccentralbankdigitalcurrency #cbdcchina #cbdccrypto #cbdcdigitalcurrency #cbdcexplained #cbdcjoerogan #cbdcnews #cbdcvscryptocurrency #cbdcxrp #coinshortage #digitaldollarnews #digitaldollarpilot #digitaldollarvsdigitalyuan #digitalyuanchina #digitalyuanvsbitcoin #digitalyuanvsdollar #ethereum #federalreserve #FedNow #fednowcbdc #fednowcrypto #fednowcurrency #fednowexplained #patriotact #restrictact #FidelityIRA #Bitcoin #cashban #cbdc2023 #cbdccentralbankdigitalcurrency #cbdcchina #cbdccrypto #cbdcdigitalcurrency #cbdcexplained #cbdcjoerogan #cbdcnews #cbdcvscryptocurrency #cbdcxrp #coinshortage #digitaldollarnews #digitaldollarpilot #digitaldollarvsdigitalyuan #digitalyuanchina #digitalyuanvsbitcoin #digitalyuanvsdollar #ethereum #federalreserve #FedNow #fednowcbdc #fednowcrypto #fednowcurrency #fednowexplained #patriotact #restrictact
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