• Announced on March 15th, FedNow is the Fed’s new digital currency solution set to launch this July.
• While FedNow is technically not a CBDC, it is a potential facilitator on one. Before mass adoption of an CBDC currency system becomes possible, a backbone such a FedNow needs to be created.
• As Jim Rickards puts it: FedNow “is a wholesale facility to member banks only. However, it is the roll-out of the new payment technology that will ultimately be the backbone of the CBDC system.”

Mr. Kennedy accurately highlights the slippery slope aspect, which seems tailored to facilitating CBDC transactions in the future.

• The FedNow payment system recently came into focus in the aftermath of the collapse of Silicon Valley Bank.
• Already, at least 25 states have introduced bills that will facilitate the implementation of CBDCs.

Continue reading and see which states have introduced CBDC bills.