The Federal Reserve is piloting an instant payment protocol, called the FedNow Service. The program will not require banks to turn over all physical currency.
There is no government mandate for financial institutions or private individuals to use this service. And there is
that participating banks will have to turn over their coins to the federal government. We also found no evidence to suggest individuals will have to liquidate physical currency to use the service.a similar post that claimed President Joe Biden signed an executive order that implemented a digital currency and extended power to the government to electronically control it.A Sept.
The post appears to be based on out-of-context information about an instant payment program, called FedNow Service, which is in the pilot stages and expected to be more widely available in mid-2023. The program is not mandated and participating banks don’t have to hand over their coins to the federal government.
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