Below is my response (edited) to an email I received.
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Thanks for the piece on FedNow (which does NOT use blockchain technology). The Fed is trying to save the world reserve currency status of the Dollar (USD), something which is being threatened on multiple fronts. My take on FedNow is as follows.
1. Sounds too good to be true (for central bank interactions).
Actually, it's a horrible concept when it gets down to the Main Street consumer level. If I understand it correctly, you may as well add the Fed to your bank account as a
co-account-holder. [Why would anyone do anything similar to that!? Mind boggling:]
2. Even with FedNow, the USD is still FIAT currency, backed by a Gov't which essentially is bankrupt. [Never imagined I'd see the day when our national debt was more than $31.5 trillion. Our GDP is about $21 trillion, which means the Debt never will be repaid in full. We can't afford it, especially because it gets larger every minute. Plus, the interest payment alone is $1.3 billion per day. That's where most of your personal income taxes go.] Including the national Gov't debt, the corporate debt, and household debt, our total debt is about $70 trillion. Tragic, and dangerous.
3. FedNow still allows the USA Gov't to lay siege via sanctions to any country it disagrees with , something with which much of the world is fed up. Arguably, sanctions are an act of war.
4. For most countries (other than the G-7), it's doubtful that the USD with FedNow would be preferable to a commodity-backed digital currency. BRICS will have that (or something similar) sooner than later.
5. This whole thing appears mostly to be an attack on cryptos (including upcoming central bank cryptos in other countries), so if it wants to remain competitive, the crypto industry needs to clean up all its stupid problems involving exchanges, access, and fees. When it comes to currency, people want something which is easy and accessible. Crypto never should have called itself a "currency", because it's not. It's a commodity (and so-defined by the U.S. Gov't), and that's why it's so convoluted and SLOW, and not easy to use. It's somewhat like trying to buy your groceries with a bar of gold (or a bushel of grain), or even a gram of gold. That isn't easy unless the normal legal currency has collapsed.
Such has been my main problem with crypto. Too many people think it's a currency rather than what it is: a commodity for investment (or barter). At this time, the only Legal Tender (currency) in the USA is the US Dollar*****. Everything else pretending to be currency is a commodity used in bartering, or strictly as an investment which later will be exchanged for Legal Tender. To me, the crypto industry is bordering on (or committing) fraud when it claims to be a "currency". Definitions matter. 
*****Such was proven years ago when our Gov't cracked down hard on the "Ron Paul Silver Dollar", which was being offered by a group of private individuals as an alternative currency. https://www.thestreet.com/opinion/raid-on-ron-paul-dollar-maker-10390631
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Not only my opinion. Be Well
