FedNow and the Digital Dollar

Christian talk radio with Rob West

The Federal Reserve Bank recently announced a new instant payment platform called “FedNow”, allowing businesses and individuals of participating banks to send and receive payments 24/7. This has sparked debate about the potential for a digital dollar in the US, with some fearing it could give the Fed unprecedented power over the financial system. The Fed has warned of risks with a digital currency, such as theft and fraud, and has listed several requirements for it to be approved. Despite this, some have claimed that FedNow is the first step to a digital currency, and have expressed their concerns on social media. However, the Fed has denied this and Chairman Jerome Powell has testified that the Fed is nowhere close to having a digital dollar. This Faith and Finance program discusses the facts about FedNow and a potential digital dollar, as well as answering listener questions about annuities, CDs, taxes and 401ks.