; and (2) provide for an appropriate transition period before persons are required to comply with the amendments made by this section, including allowing for the divestment of shares, assets, and ownership interests affected by such amendments. 4. Digital currency studies (a) FSOC study The Financial Stability Oversight Council shall carry out a study, and issue a report to Congress that— (1) examines the financial stability implications of digital currency; and (2) determines whether digital currencies should be designated as designated financial market utilities under title VIII of the Payment, Clearing, and Settlement Supervision Act of 2010. (b) Federal Reserve study The Board of Governors of the Federal Reserve System shall carry out a study and issue a report to Congress that— (1) examines the monetary policy and monetary sovereignty implications of digital currency; and (2) proposes a framework for supervising any digital currency that is designated as a designated financial market utility under title VIII of the Payment, Clearing, and Settlement Supervision Act of 2010. (c) Digital currency defined In this section, the term digital currency means a digital representation of value that— (1) can be digitally traded; (2) functions as— (A) a medium of exchange; (B) a unit of account; or (C) a store of value; (3) does not have legal tender status (i.e., when tendered to a creditor, is a valid and legal offer of payment) in any jurisdiction; (4) is not issued nor guaranteed by any jurisdiction; (5) fulfils the functions described under paragraph (2) only by agreement within the community of users of the virtual currency; (6) is not sovereign currency (also known as real currency , real money , or national currency ), which is the coin and paper money of a country that is designated as its legal tender, circulates, and is customarily used and accepted as a medium of exchange in the issuing country