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FedNow and FedNow: The Game Theory
I'm concerned that there's so much focus on CBDC of the direct retail version and very little looking at FedNow, which is an instant payment system. I think that in some ways, CBDCs are distracting from kind of more urgent issues like FedNow. So we'll see how that plays out, but it'll be interesting to see it getting debated in the presidential election. Maybe it'll be the case that when FedNow rolls out, it'll cause a tire storm, right, of political backlash of people saying, hey, look, we've been hearing our leaders push back on CBDCs and now I'm being incentivized to use the Federal Reserve's payment network.