August 6, 2020

US central bank unveils alternative to Facebook’s Libra

Washington (AFP) – 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.Facebook’s announcement last yea…


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