First published by Money Metals Exchange here: https://www.moneymetals.com/news/2023/07/24/will-the-fednow-payment-system-pave-the-way-for-digital-social-engineering-002780
<p><img src='https://www.moneymetals.com/uploads/content/will-the-fednow-payment-system-pave-the-way-for-digital-social-engineering-social.jpg'/></p>Last week, the Federal Reserve launched a new payment processing system dubbed &quot;FedNow.&quot; Officials say FedNow will allow individuals and businesses to initiate instant funds transfers between banks. Critics warn that FedNow could be a prelude to central bank digital currency (CBDC) that threatens financial privacy and freedom.