The advent of the digital ruble will not make US sanctions less effective. US Deputy Treasury Secretary Wally Adeyemo stated in an interview with CNBC.
“We believe that even if the digital ruble or other cryptocurrencies appear, our sanctions will still be able to affect the economies of these countries simply because the world economy is still interconnected,” Adeyemo said.
According to him, Russian companies still do business around the world and most of the transactions are made in dollars. This makes the country’s economy dependent on the American currency. The deputy minister recalled that the US economy remains the largest in the world.
“As long as this is so and as long as we make the necessary investments, we will still be able to use our sanctions regime,” the official said.
Adeyemo highlighted the dominant role of the dollar in the economy despite the growing interest in cryptocurrencies.
“Ultimately, what will determine the position of the dollar in the world is the decisions we make in America about investing in our economy,” said Wally Adeyemo.
He added that digital assets can be used for illegal activities, but through a coordinated effort, the authorities can urge their issuers to more strictly adhere to the rules of combating money laundering.
We will remind, in October, the US Treasury issued instructions on the observance of sanctions by participants in the cryptoindustry.
Earlier, the Bank of Russia confirmed plans to launch the digital ruble as a third form of money until 2030.
The new financial instrument will be tested at 12 banks in the first quarter of 2022.
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The advent of the digital ruble will not make US sanctions less effective. US Deputy Treasury Secretary Wally Adeyemo stated in an interview with CNBC.
“We believe that even if the digital ruble or other cryptocurrencies appear, our sanctions will still be able to affect the economies of these countries simply because the world economy is still interconnected,” Adeyemo said.
According to him, Russian companies still do business around the world and most of the transactions are made in dollars. This makes the country’s economy dependent on the American currency. The deputy minister recalled that the US economy remains the largest in the world.
“As long as this is so and as long as we make the necessary investments, we will still be able to use our sanctions regime,” the official said.
Adeyemo highlighted the dominant role of the dollar in the economy despite the growing interest in cryptocurrencies.
“Ultimately, what will determine the position of the dollar in the world is the decisions we make in America about investing in our economy,” said Wally Adeyemo.
He added that digital assets can be used for illegal activities, but through a coordinated effort, the authorities can urge their issuers to more strictly adhere to the rules of combating money laundering.
We will remind, in October, the US Treasury issued instructions on the observance of sanctions by participants in the cryptoindustry.
Earlier, the Bank of Russia confirmed plans to launch the digital ruble as a third form of money until 2030.
The new financial instrument will be tested at 12 banks in the first quarter of 2022.
Subscribe to Cryplogger news on Telegram: Cryplogger Feed – the entire news feed, Cryplogger – the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL + ENTER
