We all dream about the soon-to-come adoption of cryptocurrencies. Stablecoins pegged to USD seem to be the most likely candidates. With the devastating crash of Terra Luna and some issues with other stablecoins like Tether, it seems that the market itself is not ready for wide adoption. However, we still think that other forms can be used. The US government is still playing with the idea of CBDC or Central Bank Digital Currency.
A centralized digital currency is not what crypto enthusiasts are happy about, but it is still a step forward. The adoption of fully digital currencies would make using such money more mainstream and allow more users to get used to coins like USDT or BUSD. It is crucially important for the economy to accept the concept of digital coins that could substitute the dollar.
The recent announcement of the FedNow payment system has been received warmly by many, but for our community, it may be a little worrying. FedNow is an instant payment system that will dramatically improve some types of financial transactions within the national economy. For example, COVID relief funds that were delayed by mail and other limiting factors would be instantly delivered to recipients with an instant payment system.
FedNow will reduce idle time, allow businesses to quickly pay contractors and third-party vendors, and provide people with the ability to instantly pay for some services. These improvements will allow for a better cash flow, faster movements of small capital, and more opportunities for businesses that won’t be limited by transaction processing speeds.
One other thing that the implementation of FedNow will do is render the idea of CBDC or any other cryptocurrency adoption useless from the point of view of the Federal Government. FedNow will fill the same niche and provide similar functionality while providing the government with additional means of control over people and their finances.
The current rate of adoption is simply too slow to compete with quickly rolled-out systems like FedNow. So far, we have proven that cryptocurrencies are good when it comes to paying for illegal drugs and porn. Binance and MasterCard pairing up to provide users with the ability to use crypto in day-to-day operations, but it is not enough.
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