Federal Reserve Officially Launches Instant Payments System FedNow
By Nik Hoffman         

The Federal Reserve has launched its instant payment system, called the FedNow® Service, which allows banks and credit unions to conduct instantaneous money transfers for their customers.

The system operates 24/7, 365 days a year. Currently, 35 banks and credit unions, along with the U.S. Department of the Treasury's Bureau of the Fiscal Service, can handle payments through FedNow. Additionally, 16 service providers will offer payment processing support to these financial institutions.

Federal Reserve Chair Jerome Powell stated that the FedNow Service aims to make everyday payments faster and more convenient, allowing individuals to receive paychecks immediately and businesses to access funds instantly upon invoice payment. However, the Fed clarified that the service is not a digital currency or a central bank digital currency (CBDC) and is not intended to replace cash or any other forms of payment.

For more information and a list of early adopters with instant payment capabilities, interested parties can visit the Federal Reserve Financial Services website.

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📘 Martin Luthers

Bitcoin’s Martin Luthers: How Ordinal Wizards Challenge The Religion Of Maximalism
By Nathan Cryder

In this opinion editorial by Nathan Cryder, the COO of a renewable energy company and the founder of a bitcoin-focused holding company, the author discusses the similarities between Bitcoin and religious traditions.

The article highlights various "Bitcoin holidays" that commemorate significant events in Bitcoin's history, drawing parallels with religious observances. The author also addresses the fervent enthusiasm of some Bitcoin maximalists, comparing their behavior to religious evangelists.

While the author agrees with certain economic principles and the potential of Bitcoin as sound money, they criticize the maximalists' tendency to engage in conspiratorial rhetoric and impose litmus tests on other Bitcoin enthusiasts. The article further explores the internal cultural conflicts within the Bitcoin community, particularly surrounding the rise of non-fungible tokens (NFTs) and their impact on the network's core function. Overall, the author emphasizes the need for a more inclusive and less divisive approach to promote Bitcoin's adoption.

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