Comment by treyd
3 years ago
>But FedNow has been designed in such a way that it could easily be modified to support one.
Curious how this would work, it would be a pretty big inversion of asset control to make it work.
Saying "just have to" is a very big "just", considering it was aimed at only a few thousand institutions with very tight reporting requirements being the target audience instead of hundreds of millions of nontechnical users that would need something that just werks.
From the Fed's perspective it would be mostly changes to business processes to allow this to happen. Making it just work for end-users would could work in exactly the same way non-central bank digital currencies currently work, as in 3rd party institutions manage customer interfaces.