Facts Matter: New Fed service isn't government plan to replace cash with digital currency

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Facts Matter: New Fed service isn't government plan to replace cash with digital currency
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A new Federal Reserve service intended to expedite the transfer of funds isn't part of a government plan to replace cash with digital currency, Bob Oswald writes in this week's Facts Matter.

The Federal Reserve is set to launch a service in July that is intended to allow banks and credit unions to expedite the transfer of funds.

"The rapid evolution of technology presents a pivotal opportunity for the Federal Reserve and the payment industry to modernize the nation's payment system and establish a safe and efficient foundation for the future," the Board of Governors of the Federal Reserve System said in an Aug. 5, 2019 news release.

In response to the false claims, the Federal Reserve, in an April 7 tweet, posted a section of its FAQs, explaining FedNow as a payment service with no intention to replace cash. Fox News covered shooting An April 10 shooting at a bank in Louisville, Kentucky, left five people dead, in addition to the shooter, identified as Connor Sturgeon, 25, who was killed by police.

Posts claimed that during the aftermath of the shooting, Fox News was broadcasting a story about a new chicken sandwich at Popeyes restaurants. "Hillary Clinton INDICTED as Rand Paul REVEALS shocking evidence EXPOSING her," reads the text in an April 7 Facebook post, which includes a video.

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