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10 sats \ 2 replies \ @2big2fail 16 Nov 2022 \ on: New York Fed And 12 Banking Giants Launch Digital Dollar Test bitcoin
everyone is saying that a cbdc is coming from the fed to the people. i don't believe that to be true.
if a cbdc is ever released it will come from the fed to the local and regional banks and then be given to the people.
no individuals will have accounts with the fed but many of our existing accounts at our existing banks will have programmable "dollars" and our use through payment apps will be using those dollars that no long settle via ACH after hours.
First will be prepaid social assistance programs such as food stamps.
This is a wholesale CBDC right? The normal people will not even know that it has happened, but the level of control and oversight will increase dramatically.
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overview of ACH (old system) https://achdevguide.nacha.org/how-ach-works
the new system will use a closed blockchain network. a federated blockchain based network will be used where nodes are banks and consensus rules are written and controlled by the fed. banks will just be signatories for individual transactions and if supply needs to be increased by issuing new tokens (dollars) then it will be issued by the fed to the banks. Banks will use this for interbank settlement at first for a small number of accounts
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