Biden plans to unveil executive order for cryptocurrencies in February

President Joe Biden might introduce an executive order for cryptocurrencies in February, reports over the weekend suggest.

The order is expected to set the government strategy on cryptocurrencies and implement a federal reporting system for digital currencies.

The Biden administration has already directed federal agencies to outline the benefits and risks of crypto, according to a Bloomberg report.

Bloomberg suggests that the executive order will detail the economic, regulatory and national security challenges that cryptocurrencies pose, as well as the impact of digital currencies on the economy.

The White House is also exploring the possibility of creating a U.S. government-backed digital currency or a Central Bank Digital Currency (CBDC).

While the Executive Order has not yet been confirmed, there have been several top-level meetings at the White House on the matter.

Presently, the Biden administration is facing pressure from industry executives over the lack of clarity on the rules regarding digital assets.

“There are several bipartisan, industry-supported proposals on the table… but, we have yet to see anything pass out of Congress and get signed into law, said Congressman Tom Emmer. “We will very likely see this change after the midterms, so it’s more important than ever to start preparing our agenda for the next term.”

In November, Biden passed the first legislation on cryptocurrencies, requiring crypto exchanges to report trades directly to the Internal Revenue Service.