Central banks’ digital currencies (CBDCs) such as the Russian digital ruble do not pose a threat to US sanctions, according to US Prime Minister Wally Ademo.

In an interview with CNBC on Wednesday, Ademo argued that the US dollar “will remain the dominant currency in the world” despite the growing popularity of cryptocurrencies.

Ademo notes that digital assets provide “different opportunities” for the US economy, but are also associated with many challenges, such as money laundering. However, there are ways to combat this to take advantage of the growing industry. Officials say:

“We believe that ultimately, by working with countries around the world, we will be able to reduce this risk by encouraging creators of digital assets to strictly adhere to anti-money laundering regulations.”
Ademo also indicated that the digital currencies of global central banks are not associated with any risk in the form of US sanctions.

“We believe that even if the digital ruble or other digital currencies are implemented, our sanctions will still have the potential to affect their economies simply because the global economy remains interconnected,” he said.

The official went on to say that companies in Russia run large businesses around the world, and much of this is done in US dollars with US financial institutions because “the US economy is still the largest in the world.”

“As long as this is the case, as long as we make the necessary investments, we will still have the opportunity to use our sanctions regime to ensure that we block what was created to prevent this,” the official said.

Ademo’s comments came shortly after the sentencing of Russian oligarch Oleg Deripaska, in which he urged the Russian government to use Bitcoin (BTC) as a tool to avoid US sanctions and weaken the US dollar. He argued last month: “The United States has long acknowledged that uncontrolled digital payments can not only inefficiently exploit the entire economic sanctions mechanism, but also weaken the dollar as a whole.”

On the subject: The US Treasury Department says that it must be “modernized and adapted” to cryptocurrency.

In October, the Russian Deputy Foreign Minister also confirmed Russia’s plans to reduce the share of US dollars in Russia’s international reserves as part of the country’s plan to avert the challenges of US government sanctions.

In recent years, the United States has imposed a number of sanctions on Russia for reasons such as suspected poisoning of opposition politicians, election interference and cyberattacks.

Source: CoinTelegraph

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