The Federal Reserve’s instant payments network is just months away from launching, which is raising questions over any efforts to create a digital dollar.
FedNow has been in the works since 2019 and will be released in July, according to a Wednesday statement from the central bank. FedNow will allow businesses and individual customers of participating banks to send and receive payments 24/7—an alternative to the existing system that doesn’t process payments on the weekends.
