FILE - U.S. President Joe Biden speaks in the Roosevelt Room of the White House on March 8, 2022, in Washington, D.C. (Photo by Win McNamee/Getty Images) WASHINGTON - President Joe Biden is signing an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.The Biden administration views the explosive popularity of cryptocurrency as a call for acting with urgency to look at the risks and benefits of digital assets, said a senior administration official who previewed the order on the condition of anonymity.As part of the order being signed Wednesday, the Treasury Department and other federal agencies are to study the impact of cryptocurrency on financial stability and national security.The action comes as lawmakers and administration officials are increasingly voicing concern that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industry due to the invasion of Ukraine.President Joe Biden announced the U.S.
is banning Russian oil imports, saying Americans will not be part of subsidizing Putin's war with Ukraine. Biden, who noted many allies may not be in a position to join the U.S.
in the ban, said this is part of an ongoing effort to cripple Russia's economy.Last week, Democratic Sens. Elizabeth Warren, Mark Warner, and Jack Reed asked the Treasury Department to provide information on how it intends to inhibit cryptocurrency use for sanctions evasion.The Biden administration has argued that Russia won’t be able to make up for the loss of U.S.