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Digital Currencies Can’t Outgrow US sanctions, Official Asserts

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Russia’s digital ruble won’t enable the country to avoid the U.S sanctions because the global economy is “interconnected,” an official said.

Central bank digital currencies (CBDC) like Russia’s digital ruble do not present any danger to the United States sanctions, according to the U.S. Deputy Treasury Secretary Wally Adeyemo.

In an interview with CNBC on Wednesday, Adeyemo asserted that the U.S. dollar “will remain the dominant currency in the world” despite the increasing prominence of cryptocurrencies.

The deputy Treasury Secretary spoke of how digital assets provide an “opportunity in lots of ways” for the U.S economy, but it also comes with many challenges such as money laundering. However, there are ways to fight this to benefit from the lucrative industry. The official said:

“We do think that ultimately working together with countries around the world, we can address this risk by calling In the creators of digital assets to follow the rules around Anti-Money Laundering more closely.”

Adeyemo also indicated that digital currencies by global central banks are not linked with any risk in terms of U.S sanctions. He said that the U.S. believes that if a digital ruble comes into place, there will still be areas where their sanctions will have an impact on other countries economies solely because the global economy is still inter-connected.

He stated further that firms in Russia are involved in a lot of business around the world, with several of those businesses being conducted in U.S. bills and with American financial institutions.

Adeyemo’s statements come shortly after sanctioned Russian oligarch Oleg Deripaska beckoned on the Russian government to accept Bitcoin(BTC) to avoid U.S. sanctions and also weaken the U.S. dollar. 

Conclusively, it appears that the Russian government are invariably looking for ways to reduce the U.S. influence on their foreign reserve as well.

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Data Scientist, Tech Enthusiast and a Crypto Lover