I haven't said much about the recent bank failures. Yes, failureS for those not paying attention. But the word on the street is Fed Coin is coming
The system will allow bill payments, money transfers such as paychecks and disbursements from the government, as well as a host of other consumer activities to move more rapidly and at lower cost, according to the program’s goals.
You do realize that your credit card and debit card do the same thing. It's not like they found a new way to move electrons faster. So no, it's not going to be faster. The only reason why there is a pause between a charge and it clearing your account is due to the clearing house middle men.
So the claims here have nothing to do with speed or cost.
"Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends."
Does your credit card or debit card stop working on weekends?
Some Fed officials say the program even could supplant the need for a central bank digital currency.
So it will walk like a duck, quack like a duck and look like a duck but we'll call it something else.
Now go back and read my post on programmable money
