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Home»ADOPTION NEWS»Fed Chairman Powell: “There is no ‘secret lab’ that could surprise the digital dollar.”
ADOPTION NEWS

Fed Chairman Powell: “There is no ‘secret lab’ that could surprise the digital dollar.”

By Crypto FlexsMarch 21, 20243 Mins Read
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Fed Chairman Powell: “There is no ‘secret lab’ that could surprise the digital dollar.”
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Federal Reserve Chairman Jerome Powell told reporters shortly after his committee planned to keep interest rates on hold for the time being that a central bank digital currency (CBDC) is not currently being secretly worked on by banks.

“It is wrong to say that we are working on a CBDC, that we have a secret laboratory here, and that we will present it to Congress at the appropriate moment. We are not,” Powell said in a televised news conference Wednesday. “I haven’t made any decision at all that I think this is what America should be doing.”

Powell’s comments echoed similar comments he has made recently to government officials. Earlier this month, Chairman Powell told the Senate Banking Committee: No central bank was “close” to recommending or adopting a central bank digital currency.

Digital payments ‘full scale’

But the Federal Reserve chairman made it clear that there are people looking at topics related to central bank digital currencies and digital payments.

“What we are doing and what all the major central banks are doing is trying to stay at the forefront of digital finance,” Powell said. “These issues have become the most important issues over the last five or six years.”

The biggest news related to the Federal Reserve on Friday was that the Federal Open Market Committee left the benchmark federal funds rate unchanged at its current range of 5.25% to 5.50%. This measure marked the first interest rate freeze in 2024.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a variety of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.

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