Bitcoin was trading 1.5% lower on Thursday morning.

The price was around $ 59,000 per coin while competitors Ethereum and Dogecoin traded at around 4,000 US dollars or 32 cents per coin, according to Coindesk.

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According to reports, US officials wanted to provide a clearer path for banks and their customers looking to hold cryptocurrencies.

The move would help keep control of the rapidly evolving asset.

Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation (FDIC), told Reuters on Monday that a team of U.S. banking regulators are trying to provide banks with a roadmap for dealing with crypto assets.

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This could include clearer rules for customer trading, using them as collateral for loans, or even keeping them on their balance sheets like more traditional assets.

“I think we have to allow banks in this area and at the same time manage and mitigate risks appropriately,” she said on the sidelines of a fintech conference.

“If we don’t get this activity into the banks, it will develop outside of the banks. … Federal regulators will not be able to regulate it.”

In other cryptocurrency news, the Salvadoran government increased its holdings of bitcoin and acquired 420 more on Wednesday, according to Reuters.

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President Nayib Bukele announced this on social media.

The purchase is valued at nearly $ 25 million at current prices.

Last month, El Salvador became the first country in the world to introduce Bitcoin as legal tender alongside the US dollar.

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According to official figures, the treasury of El Salvador holds a total of 1,120 Bitcoin worth almost 66 million US dollars.