by Connor Vasile, Activist Post:
Seamless money transfers? State of the art security and tracking features? A hassle-free payment service backed by the Fed? No annoying third-party systems? What’s not to love about the Federal Reserve’s new FedNow Service?
Quite a lot, actually.
Despite the aforementioned ‘conveniences’, being a part of a FedNow insured business or bank will only give the federal government more power over your personal finances. As a customer, you have little say—if any—in this program’s rollout. If your bank opts in, you do too. That means your bank information and monetary transactions will be made available to and ‘facilitated’ by the FedNow system. No if’s, and’s, or but’s about it. This could make heightened federal surveillance on citizens and businesses a very real possibility down the road.
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