Five in Ten 8/31/22: Beginning of the End of Financial Privacy

The Federal Reserve Bank plans to launch a new settlement system called FedNow by next summer. While it’s not blockchain-based, like cryptocurrency, it would route credit and debit card transactions through the Fed—meaning instant government records of card purchases.

5) Ukraine launches counteroffensive; 4) Concerns about China company buying land near Air Force base in North Dakota; 3) Fed ready to launch payment settlement system; 2) FDA may approve more COVID boosters as early as today; 1) New porta-potty uses QR code for access and to track users’ cleanliness.