US Undersecretary of the Treasury Wally Adeyemo believes the dollar will remain the world’s dominant currency despite the rise of cryptoassets and the emergence of central bank digital currencies.
Wally Adeyemo said this at the Adipec energy forum in Abu Dhabi, CNBC reports. Digital assets open up opportunities for the economy, but they also pose challenges, Adeyemo said. Cryptocurrencies are used for money laundering and other illegal activities, but if issuers of digital assets strictly adhere to anti-money laundering regulations, these risks can be eliminated, Adeyemo said.
He is confident that the infrastructure bill, which implies tightening the rules for cryptocurrency companies and expanding reporting requirements for brokers, will help unlock the potential of the US economy and strengthen the position of the dollar. Adeyemo argues that the growth of the American economy will support the development of the global market, and the dollar will continue to be the dominant currency, despite the rapid development of the digital asset industry.
Adeyemo also spoke about the digital ruble. At the beginning of the week, the chairman of the Bank of Russia Elvira Nabiullina announced that the Russian government will make the final decision on the launch of the digital ruble only after thorough testing. When asked whether the Bank of Russia’s digital currency could reduce the effectiveness of US sanctions, Adeyemo answered the following:
“Even if the digital ruble or other digital currencies of central banks appear, US sanctions will still be able to affect the economies of the countries against which they are imposed. Companies do business all over the world, and most of the transactions are made in dollars. Therefore, the entire world economy is interconnected with the United States. ”
Note that a month ago, the US Treasury held a different point of view. The department believed that digital assets could significantly reduce the effectiveness of economic sanctions.
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