U.S. Federal Reserve Announces FedNow Instant Payments to Rival Cryptocurrency
The United States Federal Reserve announced their intent to enter the instant payments sector with FedNow, which will be open 24/7, but is not going to be launched until 2023 or 2024. Instant Payments is actually nothing new for the U.S. Federal Reserve since they currently operate FedWire, which is a real-time gross settlement funds …
We all knew this was coming and this is merely a beginning. Developments like these are why we need to put a lot of focus on cryptocurrency scaling. When a network can process more, the price of an individual Tx goes down. That is how we remain competitive to government institutions by providing a better and cheaper product. BTC, LTC, ETH and the old ones are anything but that at the moment.
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