Posted 2 years ago | by Ben Armstrong

FedNow States Plans with XRP

The Federal Reserve has made a FedNow XRP statement.

In August, the Federal Reserve announced its plans to create a 24-7 digital payment settlement system. The name of the project, FedNow, will help expedite the process of settling payments. Many people in the XRP community have prognosticated that a partnership between the US Federal Reserve and Ripple is inevitable. It looks like those calls may have been premature.

On Monday, the Federal Reserve held a 90 minute webinar where it fielded many questions regarding the announcement. One of the questions specifically was whether or not the Federal Reserve would be using digital assets such as XRP to handle settlements. The answer to this question was not the one that the XRP community was hoping for:

FedNow transitions will settle to Federal Reserve master accounts in U.S. dollars... At this time there isn’t a contemplation of using other types of currencies.

The representative for the Federal Reserve during the call was Connie Theien who serves as the Vice President at the Federal Reserve Bank of Chicago & also as the Director of Payments Industry Relations for the Federal Reserve System.

FedNow XRP Plans Could Change

This statement is certainly a blow to the hopes of XRP investors who were hoping an official partnership between the US government & Ripple Labs would have sent the price soaring. Unfortunately, investors will now have to look for other news to help increase the price.

However, they may be able to find comfort in the fact that the statement said "At this time there isn't a contemplation". This implies that this decision is not iron clad. If the Bitcoin price were to drastically increase over the next few years then the Federal Reserve may take a second look. FedNow is not going to launch for three more years so there is still time for changes.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Federal Reserve Makes FedNow XRP StatementBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.