full image - Repost: FedNow: Federal Reserve's answer to Blockchain? (from Reddit.com, FedNow: Federal Reserve's answer to Blockchain?)
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So Feds are releasing the FedNow Pilot Program:While many expected the Federal Reserve to deploy its own blockchain, or use a CBDC, FedNow does not use any form of blockchain technology to achieve these results.The aim seems to be faster settlement, offering a 24/7-365 to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic locationAnd it's going to accelerate the processing speed of existing settlement system:FedWire, the main payment network for settling interbank transactions on the ledger of the central bank, settles trillions of dollars every day.FedWire, by comparison, allows banks to trustlessly settle 811,472 transfers per day with other banks.FedNow will further accelerate payment settlement from days to seconds and give banks and businesses faster access to cleared money. FedNow also includes tools for fraud prevention and other value-added services.The chances of a growth recession are higher now, and for remainder of this year (and who knows how far into next year), Crypto winter is going to persist. On top of that, this new FedNow program that is stated to reach fully functional stage in July 2023, will the DeFi aspect of crypto currency still be appealing/viable/popular with general audience/big whales?
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