Powell Says Federal Reserve Is Considering Proprietary Cryptocurrency

One sign they might be was provided on Monday by Federal Reserve chairman Jerome Powell. During a panel on cryptocurrencies and international payments sponsored by the International Monetary Fund, Powell said that the Fed is researching the viability of creating and maintaining its own central bank digital currency (CBDC). "We think it's important that any potential CBDC would serve as a complement to, and not a replacement for, cash and current private-sector digital forms of the dollar such as commercial bank money," he said.