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US central bank unveils alternative to Facebook’s Libra

by CBDC Insider Staff
August 7, 2020
in Business, US
Reading Time: 1min read
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US central bank unveils alternative to Facebook’s Libra
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Noting security concerns posed by Facebook’s digital currency Libra, the Federal Reserve on Thursday revealed details of its own instant payments system.
FedNow will provide households and businesses with instant access to payments, for wages, government benefits or sales, without waiting days for checks to clear, the Fed said.
The system, which is not due to launch for two to three years, “will be designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security,” the central bank said.

Continue read: https://techxplore.com/news/2020-08-central-bank-unveils-alternative-facebook.html

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