WASHINGTON – President Joe Biden is set to sign an executive order on cryptocurrency expected this week, marking the first step toward regulating how digital money is exchanged.

The action comes as administration officials expressed alarm in recent weeks about Russia’s use of cryptocurrencies to avoid the effect of crippling sanctions imposed in response to its invasion of Ukraine. The sanctions have driven the ruble to unprecedented lows and forced the country’s stock exchange to shut.

The executive order on Bitcoin was anticipated to be published this week, according to two individuals familiar with the process, and it had been in the works long before the battle. Both individuals spoke on the condition of anonymity in order to preview the order.