this post was submitted on 23 Jul 2023
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FedNow isn't a cryptocurrency. It's a real-time funds clearing system, with a centralised ledger. It's not supposed to replace cash, but rather old school bank transfers that take days to clear.
You might be thinking about digital currencies which are something else the Fed is trialling and is not yet very far along.
Wait. Do... Do you guys not have e-transfers? Holy shit, this is why Venmo's a thing, isn't it?
yes, and it's why Venmo won't be a thing much longer. Expect a lot of bitching from Venmo et al in the coming months
Ah gotcha, thanks for clarifying.