Federal Reserve Board Releases Discussion Paper For CBDC

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Today’s Cryptocurrency Headline

On Thursday, the Federal Reserve released its central bank digital currency white paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation” as a discussion paper, the Fed noted in its press release it examines the pros and cons of a potential U.S. central bank digital currency or CBDC. The Fed did not commit to creating (or not creating) a digital dollar in its white paper, but explained what it needed to focus on when dealing with the issue and asking for public comment on more than 20 questions including privacy, financial stability, and how a digital dollar could be used ( 120 days). The Fed added that the most ideal form is to have specific enabling laws. In addition, cybersecurity, financial crime prevention and meeting future needs are also all factors that the Fed must consider before issuing a CBDC.

BingX’s Bitcoin Chart

Bitcoin price analysis drop crash today
Source: TradingView& BingX

According to CoinGecko data, the total market value of crypto has fallen below $2 trillion and is now about $1.84 trillion, down more than 11% in the last 24 hours. BTC fell to $35,000 today and is currently trading around 45% below its all-time high of $68,700. Bitcoin’s fall in price is a continuation of the same trend that has been occurring in the last few weeks – negative market sentiment as well as moving in conjunction with traditional markets. Further decline could continue in a few days as the next strong support is around the $30,000 price level.

 

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