Biden signs cryptocurrency order to examine risks as popularity rises

Action comes as officials increasingly voice concern that Russia may be using cryptocurrency to avoid the impact of sanctions

Joe Biden on Wednesday signed 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 an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.