US President Joe Biden will reportedly sign an executive order this week that will outline the strategies of the US government on cryptocurrency.

According to a report by Bloomberg, the report is expected to provide a guideline for government agencies, including the Justice Department, Treasury, etc., for examining potential regulatory changes for cryptocurrencies.

The order will also outline ways for these government agencies to deal with national securities and the economic impact of cryptocurrencies. According to reports, they are also expected to submit a report on the regulations later this year.

In the last 24 hours, bitcoin has been down by 0% with a current price of $38,916.46 as of the time of writing this. Within 24 hours, bitcoin experienced a $37,275.16 low and $39,455.07 high. The trading volume of bitcoin in the last 24 hours is $25,054,184,732. The current market capitalization of bitcoin is $738,541,421,361. Currently, $18.97M bitcoins are in circulation.

Stats and Image from Coin Gecko

The executive order has been a topic of discussion since January. However, the recent sanctions levied against Russia have intensified the pressure on the government to provide clear regulations about digital assets amid speculations that sanctioned individuals and companies are leveraging digital assets to bypass the sanctions.

There are also speculations that the executive order will address the government’s take concerning a Central Bank Digital Currency (CBDC). Other countries like China are already working on their digital currencies, which is the digital version of their fiat currencies.