Fed's Powell: No CBDC Decision, Inflation 'Too High', Bitcoin Surges

Federal Reserve Chair Jerome Powell addressed recent speculation and confusion regarding the Federal Reserve's stance on a Central Bank Digital Currency (CBDC), clarifying that the Federal Reserve has not made a decision to propose a CBDC and emphasized that it is incorrect to suggest that the Fed is secretly working on a digital dollar. He stated the Fed is a 'long, long way' from proposing a CBDC, highlighting the importance of staying informed on digital finance developments. Powell also commented on the current economic situation, noting that inflation remains 'too high', which is a concern for the Federal Reserve. This comes amidst discussions and inquiries about the potential and implications of a digital dollar, with the Fed stating that a CBDC is a "Key Duty" among their "7 Key Duties" told to Congress. Additionally, Powell's comments had a noticeable impact on the cryptocurrency market, with Bitcoin's value increasing from 63k to 66k in an hour.