{"id":413899,"date":"2022-03-09T13:48:11","date_gmt":"2022-03-09T10:48:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/federal-reserve-works-with-chinas-blockchain-ally-for-instant-payments\/"},"modified":"2022-03-09T13:48:11","modified_gmt":"2022-03-09T10:48:11","slug":"federal-reserve-works-with-chinas-blockchain-ally-for-instant-payments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/federal-reserve-works-with-chinas-blockchain-ally-for-instant-payments\/","title":{"rendered":"# Federal Reserve works with China\u2019s blockchain ally for instant payments"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3fd1db25f8c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3fd1db25f8c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/federal-reserve-works-with-chinas-blockchain-ally-for-instant-payments\/#%E2%80%9D_Federal_Reserve_works_with_Chinas_blockchain_ally_for_instant_payments_%E2%80%9C\" >&#8221; Federal Reserve works with China\u2019s blockchain ally for instant payments &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Federal_Reserve_works_with_Chinas_blockchain_ally_for_instant_payments_%E2%80%9C\"><\/span>&#8221; Federal Reserve works with China\u2019s blockchain ally for instant payments &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMjE0MjA3YzAtOTZjNS00NjBkLWJiYTktNmQ0NWZlYjNjMzE5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>The United States Federal Reserve is moving forward with its real-time payment project FedNow Service by starting experimenting with the blockchain infrastructure.<\/p>\n<p>On Tuesday, the Fed officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fedpaymentsimprovement.org\/news\/blog\/the-federal-reserve-launches-fednowsm-service-provider-showcase\/\">launched<\/a> the FedNow Service Provider Showcase, aiming to provide financial institutions and users with a range of services to help them implement FedNow Service, which launches in 2023.<\/p>\n<p>At launch, the showcase <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/explore.fednow.org\/explore-the-city?id=10&amp;building=showcase-theater&amp;page=1\">includes<\/a> more than 70 profiles and service providers that support instant payments, including a New York-based blockchain company, focused on instant payment solutions, blockchain interoperability and central bank digital currencies (CBDC). The platform is known for being involved in Chinese blockchain projects, including cooperation with Suzhou City Municipal for the city&#8217;s development of blockchain Infrastructure.<\/p>\n<p>Other providers in the showcase include services like BNY Mellon Im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te Payments, Mastercard Track Business Payment Service and ePayments.<\/p>\n<p>\u201cWe are the only blockchain company selected so far,\u201d Cypherium CEO Sky Guo told Cointelegraph, adding that consumers will be able to use Cypherium\u2019s digital wallet or blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> as part of the FedNow payment project. He also noted that Cypherium\u2019s technology will also enable interoperability with other payment solutions:<\/p>\n<blockquote><p>\u201cWe will provide a digital wallet for users to access FedNow services, enabling FedNow to interact with other payment systems like RTGS, blockchains, payment solution providers and others.\u201d<\/p><\/blockquote>\n<p>FedNow business executive Nick Stanescu <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/cypherium-featured-in-the-federal-reserves-new-fednowsm-service-provider-showcase-301498372.html#:~:text=NEW%20YORK%2C%20March%208%2C%202022,providers%20offering%20instant%20payment%20solutions.\">pointed out<\/a> that Cypherium\u2019s participation in the project will help \u201corganizations to identify and connect with partners they&#8217;ll need to build the end-to-end solutions the market is demanding.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Fed&#8217;s Lael Brainard hints at US playing a lead role in development of CBDCs<\/em><\/strong><\/p>\n<p>As previously reported by Cointelegraph, the United States Federal Reserve Board officially announced plans to release FedNow back in 2019 with an ultimate goal of permitting U.S. banks of every size to provide real-time payments to their customers by 2023.<\/p>\n<p>Apart from FedNow, Cypherium has also been a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/cypherium\/cypherium-participates-in-us-faster-payments-council-inaugural-meeting-64dcb3193446\">member<\/a> of the U.S. Faster Payments Council (FPC), an organization aiming to provide a global inclusive payment system, since 2019. According to Cypherium CEO, the only other blockchain-related <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fasterpaymentscouncil.org\/blog\/6375\/U-S-Faster-Payments-Council-Releases-Cross-Border-Faster-Payments-White-Paper\"><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fasterpaymentscouncil.org\/blog\/6375\/U-S-Faster-Payments-Council-Releases-Cross-Border-Faster-Payments-White-Paper\">participant<\/a> in the FPC is blockchain payment firm Ripple.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/federal-reserve-works-with-china-s-blockchain-ally-for-instant-payments\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Federal Reserve works with China\u2019s blockchain ally for instant payments &#8220; The United States Federal Reserve is moving forward with its real-time payment project FedNow Service by starting experimenting with the blockchain infrastructure. On Tuesday, the Fed officially launched the FedNow Service Provider Showcase, aiming to provide financial institutions and users with a range&#8230;<\/p>\n","protected":false},"author":1,"featured_media":413900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMjE0MjA3YzAtOTZjNS00NjBkLWJiYTktNmQ0NWZlYjNjMzE5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74889,75034,74355,117,4973,70550,67874],"class_list":["post-413899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-payments","tag-ripple","tag-adoption","tag-business","tag-china","tag-federal-reserve","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/413899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=413899"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/413899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/413900"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=413899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=413899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=413899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}