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US President Joe Biden is likely to move executive order to regulate cryptocurrency this week, as per media reports.

As per a memorandum by the US National Security Council (NSC) memorandum, government agencies, include the Departments of the Treasury, State, Justice, and Homeland Security, will be asked to assess the risks and opportunities that crypto poses, and delve into the details of a central bank digital currency, Bloomberg news cited an administration official as saying last month.

The agencies will also review the impact of digital assets on financial stability, and normalising regulations for crypto with other countries.

The Biden administration had in September last year, released recommendations proposing that only banks be allowed to issue stablecoins.

The administration's intervention is "symbolically significant as the White House would be acknowledging that crypto is becoming economically important", Jaret Seiberg, an analyst at Cowen -- a financial services company - was quoted as saying by Yahoo Finance.

Seiberg added that it reinforces the idea that crypto is here to stay.

"The White House would not issue such an order if it was not convinced that crypto will continue to grow and spread throughout the economy," he added.

The executive order could also offer the White House the opportunity to weigh in on a digital dollar, the report said.