Fed Must Launch FedNow Ahead of Facebook’s Libra, Says Gov’t Official
A senior United States federal official has argued that Facebook’s Libra highlights the need for the Federal Reserve (Fed) to act urgently and launch its own real-time payments system.
In a letter addressed to the Federal Reserve’s Board of Governors on Nov. 7, Rohit Chopra — a commissioner at the United States Federal Trade Commission — expressed his support of the central bank’s proposal to launch a new, round-the-clock real-time payments system dubbed “FedNow Service.”
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