Federal Reserve Chair Dismisses Secret CBDC Plans

Following the announcement of the Federal Reserve's decision to maintain current interest rates, Chair Jerome Powell addressed speculations about a central bank digital currency (CBDC), stating that there are no covert efforts underway within the bank to develop one.

During a televised press conference, Powell emphasized, “There’s no hidden lab or secret project aimed at springing a CBDC surprise on Congress. We’re not at a point where I’ve decided that pursuing a CBDC is the right move for the U.S.”

Powell reiterated similar sentiments expressed to government officials, affirming that the Fed is far from making any recommendations or decisions regarding a CBDC.

However, Powell clarified that the Fed is actively exploring topics related to digital finance and payments, emphasizing the importance of staying abreast of developments in these areas.

Regarding monetary policy, the Federal Open Market Committee announced a freeze on the benchmark federal funds rate within the range of 5.25% to 5.50%, marking the first rate halt of 2024.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.