The 🇺🇸 Fed just announced it will introduce its “FedNow” (https://www.forbes.com/sites/tomgroenfeldt/2023/04/04/real-time-fednow-expected-to-boost-instant-payments) instant payment service in July, which is de facto a Central Bank Digital Currency (CBDC) in disguise (https://www.valuewalk.com/the-implications-of-fednow-and-the-eventual-transition-to-cbdcs/). CBDCs grease the slippery slope to financial slavery and political tyranny.
While cash transactions are anonymous, a CBDC will allow the government to surveil all our private financial affairs. The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires. They will try to ban any alternatives of CBDCs once they are rolled out making an escape almost
impossible, Nigeria is a field experiment of this (https://www.ledgerinsights.com/nigeria-enaira-cbdc-transactions-surge/).
A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. regarding compliance with certain political agendas.
The Fed will initially limit its CBDC to interbank transactions but we should not be blind to the obvious danger that this is the first step in banning and seizing Bitcoin/crypto as the Treasury did with Gold 90 years ago today in 1933.
Watch as governments, which never let a good crisis go to waste, use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper currencies or as protection against bank runs.
We need to buckle up and fight for our rights or will end up as slaves to the government!
50 thoughts on “FedNow: A Trojan Horse for CBDCs Paving the Way for Loss of Privacy and Crypto Crackdown”
Fuck FED, we won’t let them get away with this
Some very concerning aspects of CBDCs could be:
Spending limits/Expiry date for the money
Seizure of your money with the click of a button
Man Fed is just as bad at policy making as they are at name making.
What kinda name is “FedNow” lol
The future can be really scary sometimes.
“CBDCs are dogshit, FedNow is catshit wrapped in dogshit.”
who in their right mind would use that? what are the benefits?
I can’t see anyone using that app.
My parents and other older family members are simply anti-tech and the apps they do use are FB, messenger or youtube.
People around my age would rather use zelle, PayPal or cashapp.
I don’t know what teens and very young adults would think about this but I doubt they’re into it.
CBDCs are even worse than normal banking! They want to control us even more with that system.
Is there anyone who wants to use this? I have seen universally negative reception to its launch.
Fuck the FED and fuck the SEC!
People will no longer be free, we’re going back to being serfs for lords who own all the wealth
This is going create a whole new wave of shitcoins with “now” in the name.
SafeNow, DogeNow, …
ah sweet, man-made horrors beyond my comprehension
CBDCs are totally gonna steal our privacy. FedNow and other CBDCs are just Trojan horses for a full-blown crypto crackdown. There is no benefit in using it when we have crypto.
Hopefully it flops hard
This is like Scooby Doo level of disguise. And they would have got away with it, if it weren’t for you meddling kids.
Just opt for bitcoin. It can’t be stopped and is way less draconian
Fed now is how we feel after realizing what they’re implementing for us.
Uncle Sam wants to know everything about you
I think CBDCs could/should only be used for enterprise clients to prevent fraud, money laundering and so on. Basically, what the “big boys” do.
For small people, this should be completely out of the question.
> The 🇺🇸 Fed just announced it will introduce its “FedNow” instant payment service in July, which is de facto a Central Bank Digital Currency (CBDC) in disguise
No it isn’t.
It is a faster payment system, like those that have existed for years in many other countries, the US is just lagging behind.
The UK’s faster payment system was introduced before Bitcoin existed.
Jeez. This thread is nothing more than a magnet for paranoids.
Resist at all costs
Lol wtf, you do realize that FedNow is just a bank transfer, exactly like the ones you’ve been doing all your adult life, except instead of taking 2 days, it clears immediately.
Regular people won’t be using FedNow, you’ll be sending a bank transfer from your bank just like you do now, except you’ll get a new option that clears the transfer immediately. That’s it.
Do you prefer bank transfers to remain outdated and archaic and require 2 days to clear for no reason?
I’m happy to see so many people discussing this.
To be clear, FedNow is not a CBDC system, but it’s a big step towards it.
According to the Bank for International Settlements (bank for central banks), ‘fast payment systems’ like FedNow are analogous to CBDC systems when you combine them with digital ID.
I have a feeling we’re going to see the rollout of digital ID long before actual CBDCs.
This is mainly because you need a functional digital ID system before introducing CBDCs.
You have to have a system to keep track of who to take money from and who to give money to, right?
Privacy is a thing of the past
I like your intention but to be honest, CBDCs are inevitable just because of how much power and overreach the government has.
What we need to do is keep all the other crypto alternatives alive and thriving to be good competition.
CBDC isn’t a Trojan Horse. It’s an iron dome of TradFi to cloak up DeFi.
This misinformation has to stop.
An instant payment system is not a CBDC, it has absolutely nothing to do with Cryptocurrency. Other parts of the world have had instant payment systems for 15-20 years. It is just the US banking sector catching up with other parts of the world.
Stop spreading this nonsense about it being a threat to Cryptocurrency, it isn’t in the slightest.
How does FedNow differ from the instant bank to bank payments available in other areas such as Europe?
Is there anyway to avoid this? Or just watch in horror?
I first heard about the FedNow program for federal employees a few years ago. At the time it seemed really useful and almost as though we might be able to have a direct account with Federal reserve instead of having to go to the banking system. I believe it is taking a much more sinister turn. In combination with The restrict act this could really really impact individuals on a societal level
Just waiting for some of you to engage your brains.
Unless the crypto you own is a specific privacy project crypto will not hide any of your wealth, infact it makes it easier for people to track your wealth.
Not that I agree with CBDC’s but fuck me you lot are so paranoid you don’t even think!
Painful to read this thread. Full blown propaganda from OP: “this is the first step in seizing your bitcoin!!111”
For the love of god do us all a favour and STFU.
Typical bullshit siege mentality that is everywhere in crypto.
This will likely push people to crypto once they realize how nad CBDCs are. In the end it may spark a revolution.
FedNow was not just announced. It’s been known for a long time. They want real time payments to go through like a Venmo or Zelle.
FedNow surely sounds like those special agencies in authoritarian regimes in dystopian movirs
this is dystopia..we must resist.
Good thing is crypto is unstoppable and the only resistance to these authoritarian measures.
We need open source, permission-less, decentralised protocols that embrace privacy, self custody and self determination .
What’s with these C&P posts with the thinly disguised anti-vax garbage? Let the details of the centralized digital currency fail on its own without adding ignorant conspiracy theories to it.
>The 🇺🇸 Fed just announced it will introduce its “FedNow” (https://www.forbes.com/sites/tomgroenfeldt/2023/04/04/real-time-fednow-expected-to-boost-instant-payments) instant payment service in July
God damn fed providing a service to allow people to easily and cheaply send money!
don’t they realize money isn’t for trading goods and services?
you’re meant to buy money and then sit on it for years waiting for other peoples work to make you rich so you can retire into a pool of lambos and supermodels.
The propaganda and speculation is wild with this one
FedNow isn’t a CBDC FFS.
It’s a replacement for ACH which is an antiquated insecure piece of shit system that literally dates back to the 60s. The government can already see all your ACH transactions because the government literally fucking runs part of it via the Reserve Banks.
Stop using credit or debit cards if you’re afraid of privacy issues, or banking full stop.
Better not have a job or pay bills.
Fednow.. welcome to the 20th, no not 21st the 20th, century.
For a superpower the usa is so behind.
I feel like you all are overreacting. Most people don’t use cash now. Everything is digital already. For the majority, this changes nothing except it opens the door for broader crypto use.
Whats up with the pic of a Jewish person? Lmfaoooo
That’s bullshit. FedNow was announced years ago and has been in testing for a while. It’s just an alternative to ACH. Instead of batch-processing, payments are now done in real time. It has nothing to do with CBDC.
who’s gonna sign up for that unless they are forced to?
>The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires
Oh Hell no.
>fight for our rights
AKA “write your senator” and “‘protest’ in designated areas”
All at once together – “CBDCs are simply cryptocurrencies that are owned by central banks”
Much of this is repeating word-for-word parts of a tweet made by 2024 Democrat Presidential hopeful Robert F Kennedy Jr, who is a purveyor of multiple conspiracy theories, including that vaccines cause autism, various COVID-19 conspiracies involving Bill Gates, and chemtrails.
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