Bitcoin Slides as Fed Studies Issuing a Cryptocurrency

The Federal Reserve released a study late Thursday raising the possibility of issuing a cryptocurrency and asking for public comments on the idea, but making clear that it wouldn’t act without support from Congress and the White House.

Prices for bitcoin fell sharply late Thursday, losing nearly $2,000 to $39,864.75 in recent activity.

The study, which had been delayed several times said that a central bank digital currency, or CBDC, “could potentially offer a range of benefits.” Among those identified in the report were providing households and businesses a convenient, electronic form of central bank money; creating a platform for new financial products and services; and faster and cheaper payments (including cross-border payments). 

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