BREAKING TODAY: Federal Reserve Announces FedNow Instant Payment Service Full-Scale Launch Date
Today, on August 29th 2022, the official website of the Federal Reserve published a press release titled “Federal Reserve updates FedNow Service timing to mid-2023, marks beginning of full-scale pilot testing”.
President and CEO of the Federal Reserve Bank of Kansas City and executive sponsor of the FedNow program, Esther George, stated “Today, with the FedNow launch date in sight, we are pleased with the collaboration and dedication our pilot participants have brought to advance modern payments in America”.
Starting in September the FedNow Pilot Program prepares to enter technical testing for the service, and then mid-2023 full-scale pilot testing will begin. The Federal Reserve also confirmed that currently more than 120 organizations are participating in the FedNow Pilot Program. The aim of this program is help broaden the reach of instant payments to communities nationwide.
This is where things start to get very interesting for XRP holders. We know that over the last 5 years or so, Ripple has been deeply involved in working with the Federal Reserve. Such as Ripple’s Ryan Zagone being a member of the faster payments task force. (source)
Should also note this statement from the federal reserve press release:
“Financial institutions participating in the service will be able to provide businesses and consumers with the ability to send and receive instant payments efficiently and securely. Payment recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.”
Another federal reserve connection would be Ripple’s Craig DeWitt was recently selected as the VICE CHAIR for the Faster Payments Council, and then quoted a bombshell statement from the Whitehouse.
More information about the FedNow Service:
“The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents.”
With the most grounded, down-to-earth speculation, this definitely involves CBDC’s because they are claiming that funds will be available immediately which means this is an entirely new system and not anything from the legacy banking system. Then you have the question, what network are they using to deploy these CBDC’s? XRP? We understand this is not a cross border payment system, however at the very least they must be using a blockchain to power the CBDC, even if they don’t use the native token itself for liquidity.
A really big theory would be that the CBDC would be ran on the XRPL, considering XRPL’s IOU feature to essentially be able to transfer any asset you wish. Not entirely out of the picture since you have countries like Columbia literally doing land registries on the XRP Ledger at the moment (source).
To make this even more mouthwatering, We have two more things to show you. first off, the recent press release from July 2022. “Former Ripple Advisor Michael Barr Will Supervise the Federal Reserve”
Secondly, Rosa Rios, who served as the 43rd treasurer of the United States, was recently appointed by Ripple to be on the board of directors.
If you have a blue strip $100 bill in your possession right now, grab it and look at the bottom left signature. HER NAME IS ON OUR MONEY. Something we couldn’t believe when the news first broke.
