At the start of August, the United States Federal Reserve Board announced its plan to release a real-time payments and settlements service in order to boost the payments infrastructure in the country. Called FedNow, the service will reportedly “permit banks of every size in every community across the country to provide real-time payments to their customers" by 2023 or 2024.
The move seems to coincide with the U.S. Senate’s renewed interest in crypto regulation, although the Federal Reserve has been planning to renovate the payment system for some time now. Further, the new service likely isn’t going to be a substitute for digital currencies, despite playing the same ambitious card, according to a number of experts.