The United States Federal Reserve clarified that its current provider for immediate funds between organizations — the FedNow Provider — has no relation with central financial institution digital currencies (CBDCs).
The Fed licensed the FedNow Provider as “difficult” after it onboarded 41 financial establishments, 15 provider providers and the U.S. Department of the Treasury to confirm the system sooner than its originate by the tip of July 2023. Nonetheless, the central financial institution had to account for that the promise of immediate fiat funds and genuine-time harmful settlement (RTGS) is now not powered by a CBDC.
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