#FactCheck: Is FedNow a CBDC?

#FactChecking the #FactCheckers: A distinction with little difference.

Apr 11, 2023

No, it’s not technically a central bank digital currency (CBDC). There isn't a blockchain for recording transactions. But this distinction relied on by #factcheckers has almost zero difference when it comes to violating our civil liberties. Full implementation of FedNow will include the ability for the government to debit your bank account.

FedNow is central bank digital control, and it's a major step towards a full rollout of a central bank digital currency (CBDC).

105 countries representing 95 percent of the global GDP are researching and exploring the possible issuance of CBDCs.

FedNow is an instant payment system where every transaction is processed through a Federally-controlled server.

Implementation of FedNow by banks is scheduled to be rolled out in July.

https://www.frbservices.org/binaries/content/assets/crsocms/financial-services/fednow/instant-payments-education/faster-payments-transactions.pdf

They plan to roll out FedNow to consumers later. It will include "consumer-to-government" and "government-to-consumer" transactions, which means the government will be able to instantly debit cash from your account and instantly credit tax refunds. In other words, direct government control over your bank account.

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What people fear from a CBDC, is that the Fed will have the ability to access, and freeze or drain your bank account at will.

They say there will be "applicable controls." Such controls may seem at first that your privacy and security will be protected, but with a simple court order or rule change by the current or a future admin, they could freeze your account for being involved with a protest that is not sanctioned by the government. Or a protest that provocateurs or outside agitators turns into a riot. Sanctions could be placed on anyone who donated to a charity that used one’s money for non-government-sanctioned activities.

We have seen how the trucker anti-mandate rally in Canada and the January 6th protest in DC have already been used to freeze bank accounts and put people on no-fly lists. We have seen how Congresspeople like Liz Warren and others seek to code purchases at stores that sell guns to flag purchases. Our politicians yearn to control us and our money.

Such actions would be at the whim of the ruling party, so even if you agree with these actions over the past three years, what happens when the other team takes over and gets handed this tool? Will they use it to freeze the accounts of those seeking an abortion? Black Lives Matter organizers? You?

The fundamental question is whether FedNow increases the Fed's control as a system administrator over the lives of individuals.
And the answer is that unfortunately, it does.
So FedNow is increased central bank digital control,
even if it's not technically a CBDC. – Balaji

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