Through this new payment platform, the Fed seeks to guarantee instant, secure and accessible transactions for users, to strengthen its financial system and offer a more viable alternative to CBDCs. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
FedNow officially launches
📍The Fed has launched its new FedNow instant payments system. On July 20, the United States Federal Reserve officially announced the launch of the first phase of FedNow, an instant payments system designed to speed up and reduce the cost of dollar transactions and to minimize the need to create a CBDC like the digital dollar.
Fed Chairman Jerome Powell said the new services offered through FedNow will streamline the current financial system, making everyday payments faster, more accessible and more convenient. The Fed expects that in the coming years, this new payment system will be implemented by many of the country's banks and financial institutions.
On the other hand, although the FED has hinted that FedNow may be a great alternative to CBDCs, other branches of the federal bank are investigating the potential, advantages and risks of the digital dollar, as is the case of the New York FED, which launched a CBDC pilot in November last year and the San Francisco Fed, which is currently hiring a cryptography expert architect to evaluate the design of the digital currency.
Fed seeks cryptography expert in San Francisco
📍The Federal Reserve Bank of San Francisco has opened a hiring process for a cryptography expert. The job offer is focused mainly on the development of the digital dollar, which is the central bank digital currency or CBDC that is being explored in the country to facilitate transactions and accelerate financial inclusion.
According to the publication, the San Francisco Fed is hiring a crypto architect to conduct research and development on a CBDC for the dollar. The FED stressed that due to the important role the dollar plays in the global economy, it is necessary to create a task force that is at the forefront of new innovations in order to better evaluate and understand the cost and benefits of CBDCs, as well as the impact of this emerging field.
The job offer was published by the San Francisco Fed through the job search portal Indeed.
Celsius Network reaches new agreements to emerge from bankruptcy
📍Cryptocurrency lending platform Celsius Network has announced two new agreements to recover funds and emerge from bankruptcy. According to the Wall Street Journal, Celsius Network is seeking court approval for two new agreements which could potentially help it settle customer claims and recover $7.800 billion, bringing the platform out of bankruptcy and returning funds to creditors.
Both agreements are expected to be reviewed by Judge Martin Glenn at a hearing scheduled for August 10. If these two agreements go through, the platform's creditors could begin to recover their funds as early as the end of the year. Celsius Network filed for bankruptcy in the middle of last year, after the implosion of the Terra blockchain ecosystem.
Meta joins Microsoft to launch Llama2
📍Llama2 is the new open source language model from the tech giants. Meta and Microsoft have launched the next generation of Llama, a free, AI-powered language model that is focused on research and commercial use.
Through a Press releaseMeta said it is expanding its long-standing partnership with Microsoft to conquer AI. The goal of both companies with Llama2 is to support a broad set of companies so they can build safely and responsibly using today’s AI technologies.
Artificial Intelligence is one of the greatest technological innovations of our time, capturing the attention of countless businesses and the general public. This innovation can help people “do amazing things.” Examples mentioned by Meta include the creation of new economic and social opportunities, as well as offering creators and businesses new ways to express themselves and connect with people.
Continue reading: McDonald's opens a themed virtual world in the metaverse The Sandbox
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