Cryptocurrency
CryptocurrencyiStock

President Biden is to sign an executive order this week to formulate a government strategy for regulating cryptocurrencies, Bloomberg reported, citing people familiar with the plans.

According to the report, the order will call on federal agencies to examine the regulation, and national security and economic impact, of digital assets.

The executive order would require federal agencies to report back later this year about how they will deal with digital currency. Bloomberg reported that the plan is expected to start designating roles for agencies across government in the regulation of digital currency.

The report also noted that the directive is also expected to address the possibility of a US central bank digital currency, though it probably won't have a firm stance on the issue, as the Federal Reserve is still studying it.