“A Federal Reserve-run, real payments system, will crowd out private alternatives, leaving consumers with one government-run option for real-time payments. This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help “protect” the Federal Reserve’s fiat currency system from competition from cryptocurrencies.”
Ron Paul is leveraging anti-Fed sentiment to try and protect cryptocurrencies from a new government real-time payment system called FedNow. | Source: Kirkpatrick/Getty Images/AFP
