Elon Musk, the namesake of the U.S. Department of Government Efficiency (D.O.G.E.) and figurehead of the agency, squashed any plans of the agency including dogecoin (CRYPTO: DOGE).

"There are no plans for the government to use dogecoin or anything," Musk said during a speech at the America PAC town hall in Green Bay, Wisconsin on Sunday.

"I was going to call it Government Efficiency Commission, but that's a super boring name. Then the internet said it needs to be the Department of Government Efficiency. I was like Internet is right."

Despite a few reports suggesting that the agency will accept dogecoin for taxes, the official site has since been updated to reflect the standard modes of payment. The agency's logo was also changed back to the American flag after a few hours of displaying the dogecoin logo on the day after Trump's inauguration.

The agency, which is focused on streamlining government departments and making government spending of taxpayer money more efficient, has already saved an estimated $130 billion after a formal start in January, according to data. The agency also manages the Paycheck Protection Program, which is focused on providing financial assistance to small businesses.

The agency is a non-governmental initiative launched by Trump in August to streamline the government and reduce spending. The agency is an initiative of the former president and is not affiliated with any political party or candidate.

The agency's non-governmental status also means that it is not subject to the same regulations as a government agency. This freedom allows the agency to experiment with new ideas and technologies, such as accepting cryptocurrency payments.

Earlier this year, rumors swirled online about the agency accepting dogecoin for taxes, leading to several namesake tokens and the start of a multi-month rally in dogecoin. The rumors were fueled by a post on the agency's official blog, which featured a logo that combined the dogecoin and the agency's logos.

However, the rumors were quickly squashed by the agency itself, which stated in a follow-up post that it would not be accepting dogecoin for taxes. The agency explained that it was a "hoax" that was created by a few bad actors who were trying to deceive people.

Despite the rumors being squashed, they served to highlight the growing interest in cryptocurrency and its potential to disrupt traditional financial systems. As the agency continues its work, it will be interesting to see what other innovations it unveils.