1 year ago
The Federal Reserve certified the FedNow Service arsenic “ready,” aft it onboarded 41 fiscal institutions, 15 work providers and the U.S. Department of the Treasury to trial retired the system, earlier its motorboat by the extremity of July 2023.
The Federal Reserve of the United States clarified that its caller work for instant payments betwixt organizations — FedNow Service — has nary narration with central slope integer currencies (CBDCs).
The Federal Reserve certified the FedNow Service arsenic “ready,” aft it onboarded 41 fiscal institutions, 15 work providers and the U.S. Department of the Treasury to trial retired the system, earlier its motorboat by the extremity of July 2023. However, the cardinal slope had to clarify that the committedness of instant fiat payments and real-time gross colony (RTGS) is not powered by a CBDC.
— Federal Reserve (@federalreserve) July 19, 2023In a tweet, Federal Reserve stated that FedNow Service is akin to different outgo services specified arsenic Fedwire and FedACH, which enactment wrong the boundaries of the fiat ecosystem. It said:
“The FedNow Service is not related to a integer currency. The FedNow Service is simply a outgo work the Federal Reserve is making disposable for banks and recognition unions to transportation funds for their customers.”The Federal Reserve further confirmed that it has not yet decided connected issuing the highly anticipated CBDC and “would lone proceed with the issuance of a CBDC with an authorizing law.”
The array supra highlights the archetypal database of participants. However, the Federal Reserve plans to onboard each 10,000 U.S. fiscal institutions successful clip to come.
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On May 11, the Federal Reserve announced the integration of Metal Blockchain into the FedNow Service.
Metal Blockchain’s listing successful the FedNow Service Provider Showcase. Source: FedNowMetal Blockchain is simply a crypto web developed by Metallicus, based connected a fork of Avalanche's code. According to its documents, the web features a subnet called “X-Chain” that allows developers to enact rules for transferring assets. For example, a token tin beryllium issued with the regularisation that it “can lone beryllium sent to US citizens” oregon “can’t beryllium traded until tomorrow.”
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