US Treasury officials deny that digital ruble would undermine sanctions

The emergence of a digital ruble will not make American sanctions less effective. Deputy U.S. Treasury Secretary Wally Adeyemo заявил in an interview with CNBC.

“We believe that, even if a digital ruble or other cryptocurrencies emerge, our sanctions will still be able to influence the economies of these countries simply because the global economy remains interconnected,” Adeyemo said.

According to him, Russian companies continue to do business around the world, and the vast majority of transactions are conducted in dollars. This makes the country’s economy dependent on the U.S. currency. The deputy minister reminded that the U.S. economy remains the largest in the world.

“As long as that remains the case and as we continue to make the necessary investments, we will still be able to use our sanctions regime,” the official said.

Adeyemo emphasised the dominant role of the dollar in the economy, despite growing interest in cryptocurrencies.

“Ultimately, what will determine the dollar’s standing in the world is the decisions we make in America about investing in our economy,” Adeyemo stressed.

He added that digital assets can be used for illicit activity, but with coordinated efforts by authorities they can prompt issuers to adhere more strictly to anti-money-laundering rules.

Earlier, the U.S. Treasury issued instructions on sanctions compliance to participants in the crypto industry.

Earlier, the Bank of Russia confirmed plans to launch the digital ruble as a third form of money by 2030.

Testing of the new financial instrument will be conducted based on 12 banks in the first quarter of 2022.

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