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Despite growing interest and rise in crypto, US Deputy Treasury Secretary Wally Adeyemo believes the dollar will remain the world's primary currency.
US Sanctions will Continue to Have an Impact Despite the Rise of Crypto
Adeyemo added, " We know that persons who seek to move money illicitly through the system in a fashion that does not include the dollar and is thus invisible to us may do so via the use of digital assets."
However, he thinks that by collaborating with governments throughout the world, we can eventually eliminate this risk by requiring digital asset producers to conform to stricter anti-money laundering legislation. People participate in the dollar-based economy because they want to invest in the United States.
As per Reuters, Russian Central Bank Governor Elvira Nabiullina said last week that a prototype of the digital ruble platform will be released early next year. Russia will execute a pilot test before making a final decision on the digital currency's launch, according to Nabiullina.
Development of Digital Currencies
In an interview with CNBC in early June, Nabiullina predicted that as the economy shifts online, digital currencies would play a key role in the future of financial institutions. Many central banks throughout the world are developing sovereign digital currencies, which supporters argue would improve financial inclusion and cross-border commerce. Sanctions will continue to have an impact on Russia's economy even if the nation adopts a digital ruble or other digital currencies. This is because the global economy is interconnected, and sanctions on Russia's economy will continue to have an effect.