Free Republic

The Federal Reserve Bank of the United States has announced that it is launching an instant payment transfer service called “FedNow Service,” which has features of a Central Bank Digital Currency (CBDC) and some analysts believe is the first big step towards a “digital dollar.” On Wednesday, within hours of our reporting that the Silicon Valley Bank and Signature Bank failures could spur renewed calls for the U.S. to implement a CBDC, the Federal Reserve announced that the U.S. is rolling out the FedNow instant payment transfer service in July. “The Federal Reserve announced that the FedNow Service will start...

Gustaf can remember the precise date when he last used cash. 'It was October 7 last year,' he told me without hesitancy. 'I found an old note that I had forgotten about and used it to buy some sweets.' Like many others at his university in Gothenburg, Sweden, Gustaf relies on cards and smartphones to spend money. 'None of us use cash – you just don't need it these days,' he said. Card only: Sweden has become a cashless society so shoppers have switched to cards and smartphones But there is one problem – a big one. The 20-year-old computer...