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The federal government is studying the creation of a central bank for cryptocurrencies and “encourages” the Federal Reserve to continue researching and experimenting in this regard, the White House said in a statement.
The administration led by Democrat Joe Biden will also launch an interagency working group to support the Fed’s efforts and consider the implications of creating a central bank-backed digital currency.
In March of this year, President Joe Biden ordered his administration to evaluate the creation of a U.S. digital currency backed by the Fed.
This would be a central bank digital currency (known as a CBDC), which is different from cryptocurrencies in that they are backed by a country’s financial institutions.
