Biden signs order on cryptocurrency as its use explodes

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — President Joe Biden has signed an executive order on government oversight of cryptocurrency that 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 an opportunity to examine its risks and benefits. The executive order had 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.