With the Federal Reserves announcement of 24/7 settlement system in real time, the US has submitted to crypto. Many in the corporate world (i.e. IBM, Amazon, etc) already gave in to blockchain. However, the recognition of needing 'true' applications over a digital payment settlement system, changes everything. I chose that last word carefully.
adapted from pixabay
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow Service
History will now solidify us as a digital society because humanity’s last standard for measuring value has officially handed over the keys to cryptographically secured, automated, and anytime payment settlement. It is the ultimate version of the free market, one not limited by human scheduling. The other aspects of human interference will fall with little recognition as the free market grows unencumbered in the digital space.
Please note that I realize the centralized nature of the Fed project, still, the argument is not if the US operates in a free market, but rather, one governed by digital technology.
The US really did hand over the keys on August 5th (unless this is hoax). Even if the Fed would walk back its announcement, it cannot take back the recognition of digital money for the future. Therefore, the only way crypto (not just blockchain) proceeds without keys in hand is if something better than fiat and crypto comes along. In any regard, we (the whole world) are moving forward right now.
I intentionally wrote this with an arrogant voice because I am an American and it would be nice for someone, other than my own comrades (I jest, posse), object to yesterday’s reality of the US Dollar as a global standard.
Some More Stuff
I do not feel comfortable with the timing of the Fed’s announcement and the SEC’s delay:
Proposals by VanEck SolidX, Bitwise Asset Management and Wilshire Phoenix were delayed till mid-October, ...
”... sufficient time to consider this proposed rule change,"
More so than that, there is a lot of development occurring in blockchain, some of which is due out in the weeks ahead.
Furthermore, the FedNow Service follows the Facebook led Libra project. I really wish not to harbor the idea that honorable people at the Fed copied off of Libra’s test.