1/🧵
FedNow is about to go live and it is sending fear through many in cryptocurrency. For some reason people think this is a threat.
1/🧵
FedNow is about to go live and it is sending fear through many in cryptocurrency. For some reason people think this is a threat.
2/ The Fed can only deal in two "currencies": banknotes and reserves that it creates. This is the only forms of central bank money.
3/ FedNow is an instant payment and settlement system that is going to use central bank reserves. These can only be accessed by those with master accounts.
4/ It is an advanced service over the present FedWire system which is slower and less efficient. FedNow will also be open during non-business hours.
5/ In this article we discuss what impact this will have on cryptocurrency.
To read full article:
https://leofinance.io/@taskmaster4450/what-is-fednow-and-the-impact-upon-cryptocurrency
that's to say that the central banks are about to create fear in the crypto currency market through FedNow #cryptocurrency