Earlier quoted context omitted.
Because BRICS will adopt a gold-backed currency to resolve oil transactions without USDollars. This should happen late August.
Is there somewhere to read about this specific plan?
An update on the Federal Reserve’s Instant Payments Service
91–95 of 95 posts
Re: An update on the Federal Reserve’s Instant Payments Service
#92Of all the articles on the instant payment service, this one is simultaneously the most honest and hilarious ( https://www.wsj.com/articles/banks-newest-fed-headache-nonst... ) > FedNow could destabilize banks’ reliance on customer cash, fanning the flames of deposit flight > In addition to losing revenue from the time between a payment’s initiation and settlement, banks now have to worry about deposit flight outside…
The funniest thing is when you see that you have multi thousand of billon of dollar sized banks, that are unable to pay agents to be able to process payments on week ends...
Re: An update on the Federal Reserve’s Instant Payments Service
#93Earlier quoted context omitted.
Hard to be easily debased, hard to mass censor/prohibit payments to unpopular organizations.
So, they just ban crypto, and then they take your precious metals. Think I'm kidding about the last one? The US government has already taken gold from citizens (by law, and without recourse) before, and nobody did anything about it.
"just ban crypto" doesn't work. They tried that with cocaine already.
They also didn't get a very large percentage of the privately held metals, either.
Re: An update on the Federal Reserve’s Instant Payments Service
#94Earlier quoted context omitted.
Until Dodd-Frank, the rules for discounts on cash transactions imposed by Visa and Mastercard by merchants were much more stringent. Many retailers had their hands tied, whether or not they wanted to provide a cash discount or credit card surcharge.
Sure, but that was 13 years ago. Retailers also always had the option of simply not accepting credit cards, and only accepting debit cards.
I presume smaller retailers are hit the hardest with fees, as they face the most payment processing middlemen and have zero leverage in terms of volume from which to negotiate that stuff. So maybe Starbucks doesn't care how you pay, but Joe's Joe down the street has a hardwritten sign up by the till asking you to consider paying with debit or cash because it saves them a few percent on each transaction when you do.
Re: An update on the Federal Reserve’s Instant Payments Service
#95If this is what I think it is, I can't wait. My bank's Zelle experience is abysmal, and it's annoying to manage a Venmo balance. I will strongly consider switching banks if it means a convenient FedNow UX
If you’re willing to switch banks anyway, most of the too big to fail ones have a great Zelle experience, i bank w chase and BoA and both offer a pretty first class solution with Zelle (chase especially, as they actually created the precursor to what eventually morphed into zelle).
This is great to know, thanks!