Deputy Treasury Secretary Adeyemo: the introduction of the digital ruble in Russia will not affect sanctions
including the digital ruble will not make the sanctions less effective. This assessment was given by the politicians 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”, – said Adeyemo and stressed that Russian companies are still doing business all over 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 also 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,” Adeyemo said. His statements confuse the Ministry of Finance's position on digital currencies, since earlier in October, the Deputy Minister of Finance reported that with the advent of cryptocurrencies it becomes more difficult to ensure the effectiveness of sanctions.
Adeyemo also emphasized the dominant role of the dollar in the economy, despite the growing interest in cryptocurrencies. He noted that digital assets can be used for illegal activities. “Ultimately, what will determine the position of the dollar in the world is the decisions we make in America about investing in our economy,” Adeyemo said and noted that the dollar will continue to dominate the economy.
Earlier in November, the head of the Central Bank of Russia Elvira Nabiullina announced that the regulator would launch a prototype of the digital ruble in early 2022 in an experiment format. And in early June, the chairman of the Central Bank predicted that digital currencies will play a key role in the future of financial systems.