Former US Congressman: The Federal Reserve launched FedNow, a real-time payment settlement service, or an anti-encryption initiative

According to Coinspeaker, for the recent Fed plan to launch FedNow, a real-time payment settlement service, former US congressman Ron Paul said in a statement that the move is not necessary at all because there are many other options. This further confirms his hypothesis that such actions the Fed is trying to take can only be interpreted as an anti-crypto initiative. “There are many options for real-time payments,” Paul said. “It’s confusing for the Fed to start building a real payment system (FedNow) that is run and controlled by the central bank.” Paul further explained that the Fed created a new The payment system, while beneficial to the authorities, is a bad idea for the American people. A real-life payment system run by the Fed will crowd out other private alternatives, allowing consumers to have only one government-run option for real-time payments. This is not good for consumers and entrepreneurs, but for Fed officials who are eager for power, they will undoubtedly use FedNow to help “protect” the Fed’s fiat currency system from competitive pressure from cryptocurrencies. According to the Odaily Planet Daily, the Fed is planning to launch FedNow, a real-time payment settlement service, in 2023 or 2024 to upgrade the country's payment infrastructure. This service is available 24 hours a day, with an initial limit of $25,000.