US Deputy Treasury Secretary Wally Adeyemo said in a recent interview with CNBC reporter Hadley Gamble that CBDCs, like Russia’s digital ruble, do not pose a threat to US sanctions.
Noting that the central banks of various countries in the world are working on CBDCs, Deputy Minister Adeyemo said that CBDCs will not help countries avoid US sanctions because the global economy is “interconnected”.
“Even if the digital ruble or other digital currencies come into play, we believe there will still be room for US sanctions to affect countries’ economies as the global economy is still interconnected.”
Emphasizing that many Russian and foreign companies do business with US companies in US Dollars even though countries carry out CBDC studies, Adeyemo stated that the US economy will continue to be the largest economy in the world.
Recently, Russian oligarch Oleg Deripaska said that the Russian government should adopt Bitcoin to avoid US sanctions and weaken the US Dollar.
Cryptocurrencies Will Not Pass The Dollar!
Ayedemo acknowledged that the adoption of cryptocurrencies is increasing in the world, both at the scale of countries and people, but argued that the US dollar of cryptocurrencies will continue to be the dominant currency in the world.
“One thing we do know is that digital assets present an opportunity for the economy in many ways, but they also potentially present challenges.
What will drive the dollar’s position in the world is the decisions made by the United States regarding economic investments. The growth of our economy is also an opportunity for the growth of the global economy, and when that happens, the dollar will continue to be the dominant currency in the world.”