There is a payment system that is thriving in the asia. And that is very fast and works with the email address like format and also there is QR code. And that system has managed to get into the asia, gulf and the africa too.
That system is called as the UPI and it is from india. And it has started competiting with the visa and the mastercard. And the countries trust india more than the USA. So they tend to migrate to that system for the app based payment easily.
Now that has hurt the dollar a lot. Like really lot. And now they are making their own system which would be making the money transfer lot faster and under the control of the govt.
So this new system is called "FedNow".
Image Credit: FedNow
Fednow is going to be deployed on the places that US controls politically. So expect the gulf and the places where US has influence to get access too. So this is kind of a war. That means theya re trying to protect the USD and they would make it easier for people outside US to even open the account too.
So getting the business on the US states and then getting things paid out using the Fednow would be like norm. And they would be slowly doing the bidding of variety of nations and the brands. This would make them push people outside the blockchain too. And that is the aim as well.
Does that mean they are going to hate the bitcoin? In theory yes, in reality no. Because it's not competition against blockchain but against the unions forming to topple the dollar.So they are coming up with option just to get the attention of the normal economy. So that's what they are working on and holding onto as well.
FedNow is supposed to save the dollar and reduce crypto and also compete with the UPI at the same time. I know they have lot of battles to do and also compete.
USD is going down, slowly, no amount of innovation would improve adoption now.