Novelty Bitcoin, Ethereum and Dodgecoin tokens arranged at a cryptocurrency exchange in Hong Kong, China. (Paul Yeung/Bloomberg via Getty Images) WASHINGTON - President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded.The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrency to evade the impact of crushing sanctions in response to its invasion of Ukraine.
The sanctions have sent the ruble to historic lows and have closed the country's stock market.Two people familiar with the process said the executive order on cryptocurrency was expected to be issued this week and it had been in the works long before the war.
Both people spoke on condition of anonymity to preview the order.RELATED: What is cryptocurrency?The order is expected to describe what government agencies, including the Treasury Department, need to do to develop policies and regulations on digital currencies.
It is expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of U.S.