What is CBDC?
FED releases FedNow service – the instant digital payments infrastructure. It’s the step to CBDC and surveillance era which will come soon.
In July 2023 Federal Reserve System (FED) announced the release of its FedNow Service. It’s the infrastructure for instant payments between participants like banks, financial institutions or even fintech.
FedNow running 24/7 will provide full digital infrastructure for instant payments focusing to be an attractive alternative for other payment systems. The payment is promised to be done within seconds, which makes this system provide great UX for end-user. It sounds like a new era of fintech. But what’s the cost?
FedNow service is not CBDC… yet. It doesn’t provide any currency on top of it – it’s now just the infrastructure technology for payments. However, this infrastructure can in the future become a part of CBDC. Doing just first step to the central banking technology-based payments infrastructure, FED is simply starting to integrate the idea of central banks ONLY controlled money.
Central banks currently control the money supply, soon will eliminate cash and replace it with their own monopoly payments infrastructure and ultimately currency. The banking industry will simply reduce to few central banks controlling the whole economy. Unlimited power, with the ability to spy and control every human economical interaction. This is the goal. Do you support this?
There is an alternative, which becomes more and more important. Bitcoin. Yes – it’s digital too, but it’s the complete opposite of CBDC. Decentralized, not available to control, not available to effectively block and stop. With a fixed supply of 21M, not possible to be manipulated and broken as current FIAT – which in fact is now the source of power and decision-making where at the end it’s people who must pay for every decision done.
Balaji formerly Coinbase CTO recently made a bet on Twitter that Bitcoin will go to 1M$ in ~90 days. Even if it sounds crazy and will probably not happen, what if? There is a message behind this. We are really going to fight for digital freedom and this can be a matter of months or few years. There are not a lot of alternatives now. Bitcoins looks like the most promising one.
Pic.1 CBDC
I design and build enterprise IT solutions based on blockchain technology.
I am blockchain architect in Trans.eu building ECMR (digital CMR Consignment Note) based on blockchain. I teachabout Bitcoin, blockchain and decentralization via Linkedin and blog: https://mobycrypt.com.
