Last Thursday, the Federal Reserve officially announced the launch of FedNow.
If you've been following me, you know that FedNow is a payment system that can settle transactions almost instantly instead of several days.
It is similar to cryptocurrencies like bitcoin but with a twist. While bitcoin is completely decentralized, FedNow is a centralized government payment network.
Currently, 35 banks, including JPMorgan Chase and Wells Fargo, as well as credit unions, participate in FedNow. From now on, participation is voluntary.
Let's be honest: FedNow has big improvements over traditional payment methods.
The system helps Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other.
And it will be available 24 hours a day, every day of the year, with full access to funds immediately.
There's a catch, though: Because FedNow is centralized, the government can track every transaction.
That doesn't mean he will, but he has to be able to do it.
More importantly, FedNow could be the launchpad for a digital dollar.
Don't take my word for it...
Fed Governor Michelle Bowman said FedNow could offer some of the same benefits as a central bank digital currency (CBDC).
With #FedNow now available, I understand that now is the time to start protecting your financial privacy.
The best thing you can do to protect your financial freedom from #CBDCs is to allocate a portion of your wealth to $BTC
Every great change also brings a great opportunity for profit. This seismic shift to a CBDC is no different.
Tell me in the comments how you are protecting yourself and follow me to stay up to date with everything that happens in the market, tips and airdrops
Thanks for reading today,
Erika Espinal
