We’re 1 Step Closer To A World Currency (FedNow Is Here)
Published: 2023-07-24
Status:
Available
|
Analyzed
Published: 2023-07-24
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The FedNow instant payment service has been officially launched.
"The fednow system is officially here"
Pending
The FedNow system will enable instant payment capabilities through banks and apps.
"this system will turn on instant payments which means your Banks and some of your apps will allow you to send money instantaneously"
Pending
Approximately 353 banks and credit unions are currently using the RTP (Real-Time Payment) system, which has been in place for over five years.
"about five years ago the US got its first RTP protocol short for real-time payment system and because that system was a little over five years old now about 353 Banks and credit unions are using that system today"
Pending
The FedNow real-time payment system was launched on July 20th, making it the second such system in the US.
"just a couple days ago on July 20th we got the second ever real-time payment system called the FED now"
Pending
The FedNow system has a transaction limit of $500,000.
"the FED now system is 500 000"
Pending
Most major countries are actively researching the possibility of implementing a digital currency.
"Most major countries are now looking at at the possibility of having a digital currency"
Pending
In March 2022, President Biden signed an executive order to establish a framework for a central bank digital currency (CBDC) in the US.
"President Joe Biden signed an executive order to create a framework for a central bank digital currency"
Pending
Project Cedar, a US initiative related to CBDCs, completed its 12-week Phase One testing in 2022.
"project Cedar which completed the 12-week testing period in 2022 called phase one"
Pending
International bank-to-bank transactions typically take two days to settle and carry counterparty and credit risk.
"a bank to bank International transaction usually takes two days to settle which comes with a counterparty and credit risk"
Pending
China has launched its first digital currency, and most major countries, including the US, are evaluating the possibility of adopting a digital currency.
"the Chinese last month unveiled the world's first digital currency from a major power currency that would not be printed but would exist only in cyberspace on your phone for example in is the Fed working on a digital dollar we are actually evaluating that most major countries are now looking at at the possibility of having a digital currency"
Pending
Phase One testing of Project Cedar demonstrated the potential to reduce international transaction settlement times from two days to under 10 seconds at a minimal cost.
"they could get that transaction down from two days to under 10 seconds and only cost them a couple pennies"
Pending
Project Cedar, an initiative for a US CBDC, completed its 12-week testing phase one in 2022.
"this project even has a code name it's called project Cedar which completed the 12-week testing period in 2022 called phase one"
Pending
Globally, 11 countries have launched CBDCs, 32 are in development, and 46 are conducting research.
"11 countries in fact have already launched a cbdc 32 countries are in development and 46 are researching"
Pending
130 countries, representing 98% of the world's GDP, are involved in the development or research of CBDCs.
"a total of 130 countries representing 98 of the world's total GDP are in some way involved in the process of making one"
Pending
Testing of Project Cedar Phase One demonstrated the ability to reduce international transaction settlement times from two days to under 10 seconds.
"they figured out after testing in Phase One of this Cedar project they could get that transaction down from two days to under 10 seconds and only cost them a couple pennies"
Pending
As of the video's publication, 11 countries have launched CBDCs, 32 are in development, and 46 are researching, with a total of 130 countries (representing 98% of global GDP) involved in the process.
"11 countries in fact have already launched a cbdc 32 countries are in development and 46 are researching but data shows that more and more countries are getting involved by the month overall a total of 130 countries representing 98 of the world's total GDP are in some way involved in the process of making one"
Pending
The US government attempted to confiscate citizens' gold through Executive Order 6102 in 1933.
"the US Government tried to do exactly that in 1933 they tried to confiscate everybody's gold with executive order 6102"
Pending
An actual US CBDC is likely several years away.
"we're probably years and years away before we get an actual cbdc"
Pending
In 2022, the Canadian government froze bank accounts and seized assets of protestors.
"the Canadian government tried a version of this in 2022. here we go now in Canada police in the capital city of Ottawa they've arrested nearly 200 protesters over the weekend ottawa's belief Chief says they will track down and punish anyone who is involved in the protest and truckers who have not been arrested are dealing with the Fallout of Frozen bank accounts and seized assets"
Pending
An actual central bank digital currency (CBDC) in the US is likely years away.
"we're probably years and years away before we get an actual cbdc"
Pending