Campaign for Liberty Chairman Ron Paul issued the following statement regarding the Federal Reserve’s announced plans to implement a real time payment system:
“Consumers already have numerous options to make real-time payments, so the Federal Reserve’s decision to begin work on a central bank-run and controlled real payments system—what Competitive Enterprise Institute Senior Fellow John Berlau calls “FedNow”—is baffling.
A Federal Reserve-run real payments system will crowd out private alternatives, leaving consumers with one government-run option for real-time payments. This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help “protect” the Federal Reserve’s fiat currency system from competition from crypto currencies.
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