Fed Now is a new system that allows individuals and businesses to make real-time payments directly to the Federal Reserve, bypassing intermediaries like banks. The system is set to launch on July 1st and is part of a larger effort to create a centralized, closed-loop system of digital payments. The goal is to increase efficiency, safety and convenience for users. However, some are concerned about the implications of a centralized system that is controlled by the government and the Federal Reserve. Some worry that this will lead to more surveillance and control, and that smaller community banks will suffer as a result. Nevertheless, the system is set to launch in July and will likely change the way people make payments in the United States.
 
The development of central bank digital currencies (CBDCs) is happening quickly, with several governors pushing back against their use in their states. Each year, the federal government sends a list of understandings to each state that they must adhere to in order to receive federal funds. This includes adhering to new tax laws and environmental regulations.

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