U.S. President Biden will sign an executive order regulating cryptocurrencies next week

U.S. President Joe Biden is expected to issue an executive order next week directing government agencies to study cryptocurrencies and central bank digital currencies (CBDCs) and propose a government-wide digital asset regulation strategy.

According to an administration official familiar with the matter, the upcoming directive will commission research into central bank digital currencies and require a range of agencies including the Treasury, State, Justice and Homeland Security to develop a document on currency and payment systems future reports.

Meanwhile, the Director of the Office of Science and Technology Policy will conduct a technical assessment of what might be needed to support a CBDC system.

But a Treasury Department official disputed the claim, calling it "inaccurate" and the government is undertaking a broad-based effort to regulate the industry. The news comes after the FBI created a new cryptocurrency unit headed by a seasoned computer crime prosecutor.