FedNow is an initiative of the Federal Reserve Bank for a new, enriched payment service. The announcement is about launching this payment service in the upcoming July 2023. It is one of several services of the Federal Reserve, including FedWire, a credit transfer service, and FedACH, an automated clearing house.
According to Florida Governor Ron DeSantis, a digital dollar issued by the Federal Reserve would be a danger to financial independence in the United States, in light of the recent FedNow announcement. The probable presidential candidate of 2024 claims that the government may use a CBDC for evil purposes, including
Florida Governor Ron DeSantis and anti-vaccine activist Robert F. Kennedy Jr. have accused the Federal Reserve (Fed) of seeking to use a proposed digital dollar to “control” Americans’ finances. According to Ron, using the new US digital dollar allows the Government to block transactions such as buying riffles or filling
There was a 0.3% rise in U.S. inflation as measured by the Personal Consumption Expenditures (PCE) Price Index in February. This follows a report from the United States Bureau of Economic Analysis (BEA). Market participants had expected a reading closer to 0.4%. Core PCE increased by 4.6% over the last
In an 86-page report published on March 24. The United States Federal Reserve explained why it had rejected Custodia Bank’s membership application back in January. Among them, the bank’s crypto-related activities also finds a place. The report claims that the Fed’s board has expressed concerns about banks with business strategies
After the continuous collapse in the banking sector, Bitcoin (BTC) had a sudden bullish and reached the trading price of $28,000. BTC has risen about 22% this month and more than 65% since January 1. While the current growth of Bitcoin is impressive, it still marked by extreme volatility is
After the financial crisis in the crypto market and the collapse of several major banking institutions, Bitcoin registered better results than nearly 100% of the 500 leading trade companies in the United States on March 2023. Since March 10, the trading price of Bitcoin has surged by 37.06% and over
The U.S. Federal Reserve announced that it collaborated with the Swiss National Bank, Bank of England, Bank of Canada, Bank of Japan, European Central Bank, and Bank of Canada in a coordinated effort to enhance the supply of liquidity through the established U.S. dollar swap line arrangements. The action, which
The Federal Reserve of the United States introduced its domestic instant payments system, called “FedNow,” on Wednesday, March 15. A strong collection of fundamental clearing and settlement functions and value-added services will be available from the start. To keep the boxes of security, resilience, and innovation from being checked off,
While the global economy buzzed by the sudden collapse of the U.S. second-largest bank, Silicon Valley Bank (SVB), Goldman Sachs analysts predicted that they “no longer expect an interest rate hike” at March 22 meeting. In the past, Goldman Sachs reportedly predicted that Fed’s interest rates would increase by 25
