FedNow Enables Government Surveillance

Bitcoin’s potential role in a world where central banks aim to control financial transactions through CBDCs, or alternatives like the U.S. FedNow payment system.

The U.S. Federal Reserve is set to launch its digital payments system, FedNow, in July. Described by Richmond Fed President Tom Barkin as “resilient, adaptive, and accessible,” the system aims to facilitate faster, lower-cost bill payments, money transfers, and other consumer activities.

The U.S. to Surveil All Private Financial Affairs

FedNow’s introduction of a CBDC could potentially pave the way for increased government surveillance of private financial affairs.

According to Robert Francis Kennedy Jr., with transactional anonymity gone, central banks would have the power to enforce dollar limits on transactions and restrict where and when money can be spent. A CBDC linked to digital ID and social credit scores could be even more dangerous.