By Andrea Shalal

WASHINGTON (Reuters] -The long-awaited executive directive from President Joe Biden to the Justice Department, Treasury, and other agencies is due to be signed this week. It directs them to analyze the economic and legal implications for creating a U.S. central banking digital currency. A source close to the matter stated Monday.

Last year, The White House said that they were considering wide-ranging supervision of cryptocurrency markets – which could include an executive order – to combat the growing threat from ransomware.

Biden has given a 180 day deadline to submit reports about “the future money” as well as the place cryptocurrencies play in this evolving world.

In just 180 days, we could see significant policy shifts. “This is an important step towards the creation of a digital central bank currency,” a source claimed, noting the significant momentum behind the move by the Biden administration.

The source warned that the orders could raise questions about the move or suggest it would need congressional approval.

Biden’s order is expected to be issued on Wednesday amid growing concern over Russian elites using cryptocurrencies to bypass Western sanctions. These sanctions have placed Russia out of large parts of the world economy. This has also been exacerbated by China and other countries creating their own cryptocurrency.

Bloomberg first reported the timing of this order.

Financial Crimes Enforcement Network (FinCEN), Monday advised financial institutions that Russian entities could attempt to bypass sanctions, which Washington imposed in response to Moscow’s invasion.

Biden will order the Justice Department, along with the Federal Trade Commission and the Consumer Financial Protection Commission to examine whether it is necessary to establish a new currency.

According to the source, other studies on the potential impact of cryptocurrencies on competition, market size, infrastructure, and environment will also be done.

Janet Yellen (US Treasury Secretary) warned of an “explosion” of risk from digital markets last year. This included the misuse and abuse of cryptocurrencies. But she also said that financial technologies can help reduce crime, inequality, and combat crime.