WASHINGTON —The White House is set to release an executive order this week tasking several federal agencies with conducting a broad review of cryptocurrencies, including studying the creation of a US digital currency, according to a person familiar with the matter.

The executive order, which the White House is expected to reveal in the coming days, will task the Treasury, Commerce, State and Justice departments, among other agencies, with studying elements of the fast-growing cryptocurrency market, the person said. The agencies will have roughly three or six months to conduct a review and prepare a public report with recommendations for the federal government's approach to digital tokens.