Federal Reserve denies FedNow is a CBDC

US Federal Reserve building

The Federal Reserve said its FedNow payment system “is not related to a digital currency”, apparently in response to an online conspiracy theory.

In a statement posted to its Twitter feed on April 12, the Fed said the new system “is neither a form of currency nor a step toward eliminating any form of payment, including cash”. The tweet borrows text from an existing FAQ page on FedNow.

The tweet came after several online sources posted disinformation regarding FedNow. This included an April 5

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.