Allow me to tell everyone about digital currency. FedNow: what is wrong? Everything and anything about digital currency has its drawbacks.
What are the features and benefits of seamless money transfers? The security and tracking features currently available are at the forefront of technological advancements. Is there a payment option supported by the Federal Reserve that offers convenience and ease of use?
What Is Wrong? Everything Third-Party
Are there any third-party systems that are not bothersome? What are the reasons for the lack of criticism towards the Federal Reserve’s newly introduced FedNow Service?
From what I have seen, hardly anyone caused any static about the downsides of converting from physical to digital money. FedNow: what is wrong?
Notwithstanding the aforementioned “conveniences,” affiliating with a FedNow-insured business or bank would merely augment the federal government’s authority over one’s financial matters.
As a consumer, your influence over the implementation of this program is minimal, if not nonexistent. If the bank chooses to participate, you are also included. This implies that the user’s banking details and financial transactions will be accessible and facilitated through the FedNow system.
There are no ifs, ands, or buts about it. This might lead to an increased likelihood of heightened federal surveillance on both persons and corporations in the future.
The implementation of FedNow has the potential to supplant existing private services such as PayPal and Venmo, should firms opt for a complete transition to this novel initiative. It is desirable that such an outcome does not occur.
FedNow enables participants to efficiently and expeditiously transfer funds to each other without any interruptions, while concurrently offering robust security measures and comprehensive assistance for diverse payment operations.
The Control Grid
Consider it as a form of assistance provided by the government while making purchases on Amazon or withdrawing money from an automated teller machine (ATM). The implementation of FedNow will extend to individuals in the private sector who possess bank accounts linked to a Federal Reserve bank.
Following successful trial runs with chosen volunteer companies, FedNow has received approval and is now being adopted by institutions such as JP Morgan Chase, Wells Fargo Bank, U.S Bank, BNY Mellon, and other reputable banks that consumers rely on for safeguarding their funds.
The ongoing soft launch of FedNow involves the active participation of numerous commercial banks nationwide, who are engaged in customer service testing and live transactions to ensure a smooth and successful implementation.
Despite the Federal Reserve’s explicit statement that the government will not possess the ability to access individual accounts or exert control over individuals’ spending decisions, the prospect of a transfer system managed by the federal government dictating the timing and speed of our remuneration evokes a sense of proximity and concern.
The Reserve assures that it will refrain from accessing individuals’ accounts. However, there is a possibility that they may have the capability to do so, given their access to all information provided by participating institutions.
If this practice is exploited, individuals will no longer have the privilege of engaging in confidential transactions with mutually agreed parties.
Big Brother will have access to all income deposits received from employment, as well as any transactions made on various platforms such as Amazon, Facebook Marketplace, eBay, Target, and others.
Privacy, as we know it, will become obsolete given these drastic changes.
The potential implications of this issue are evident for individuals whose purchasing patterns diverge from the objectives set by the Federal government.
As an illustration, consider the present administration’s preoccupation with advocating for Environmental, Social, and Governance (ESG) norms inside the realm of enterprises and employers.
What are the consequences if the Federal Reserve determines that an entity is in violation of its regulations pertaining to environmental, social, and corporate governance? What measures are in place to prevent the freezing of one’s purchasing capacity or the withdrawal of cash?
Moreover, individuals may encounter an even more unfavorable situation when their financial transactions, such as transferring or receiving funds, are impeded without any fault on their part.
This hindrance may arise if the participating institution engages in activities that are disapproved by the government. While the idea may initially appear implausible, with closer examination, it becomes evident that it is indeed feasible.
Why Remain Skeptical? FedNow: What Is Wrong?
In Canada, there have been instances where measures have been taken to suppress the voices of protesters. Who can assert that such an event is not possible within this context? I know one thing. FedNow: what is wrong? Everything leading up to zero privacy.
Do you maintain skepticism regarding the potential exaggeration in my statement? Let us examine the tangible measures implemented by the European Union in its efforts to regulate the use of currency.
Brussels has recently enacted new legislation pertaining to anti-money laundering (AML) in order to curb illicit financial activities such as money laundering and cryptocurrency scams. These regulations impose restrictions on European individuals, prohibiting cash transactions over €7,000 and crypto-asset transfers up to €1,000 or more.
The European Union rationalizes this directive by asserting that it serves as a safeguard against illicit transactions conducted through the use of cash, which is considered an untraceable kind of currency.
Law-abiding individuals are effectively and lawfully restricted from exercising their discretion in the use of currency, under the pretext of ‘security’ and ‘safety’.
What is the subsequent course of action? Is there a proposed ban on cash transactions over €5,000? What about a sum of €1,000? Currently, it appears that the European Union (EU) is considering implementing a complete prohibition on cash usage, compelling individuals to rely solely on a government-supported monetary framework, like the existing system in Denmark.
This proposed measure is primarily aimed at discouraging potential criminal activities. The concept of personal freedom appears to be compromised in this context.
In Conclusion To FedNow: What Is Wrong? Everything and Anything.
Furthermore, the European Union possesses full jurisdiction over the bank accounts of its inhabitants, as it has engaged in substantial discussions regarding the possibility of imposing freezes on personal accounts to mitigate the occurrence of bank runs.
Given the European Union’s exclusive control over currency, there are no apparent obstacles that would hinder their potential attempt, which is highly like to result in success.
Is it commonly perceived that the decision of the Federal Reserve to increase interest rates is unfavorable? One should exercise patience until one’s ability to receive payment is suspended.
FedNow represents an alternative iteration of the European Union’s central bank control framework. The purported advantages of enhanced security and user-friendly features conceal the underlying reality of comprehensive governmental authority over individuals’ financial matters.
However, it is important to note that the situation is not entirely negative. Consumers can provide their support to banks and businesses who possess the discernment to perceive this deceptive tactic and demonstrate their dedication to maintaining privacy and implementing transparent business procedures.
The potential impact of FedNow on major banking and corporate institutions in the United States is a subject of discussion. However, it is important to critically evaluate and consider the implications of this perceived expansion of authority.
It may be prudent to consider changing financial institutions before the Federal Reserve’s potential intervention. Yo, this stuff is wild! FedNow: what is wrong? Everything is because nothing is certain.
Knight Writer
View More PostsI am a young, free-spirited individual who loves to learn every day and challenge myself to become a better version through each passing day. Also, I am here to help people with my writing and knowledge of online money-making and mental health issues. Feel free to leave a comment anytime, and I will respond as soon as I can. Thank you, and stay blessed.
