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Biden signing order on cryptocurrency as its use explodes

Posted at 2:16 PM, Mar 09, 2022
and last updated 2022-03-09 14:16:45-05

WASHINGTON (AP) — President Joe Biden is signing an executive order on government oversight of cryptocurrency. It urges the Federal Reserve to explore whether the central bank should create its own digital currency.

The Biden administration sees the explosive popularity of cryptocurrency as a call for acting with urgency to examine its risks and benefits.

The executive order being signed Wednesday has been widely anticipated by the finance industry and others who have compared the cryptocurrency market with the Wild West.

The order comes amid growing concern Russia may be using cryptocurrency to avoid the impact of financial sanctions imposed by Western allies in response to the invasion of Ukraine.