IMF Warns Russia Sanctions Threaten to Undermine US Dollar Dominance
Financial sanctions imposed on Russia over its invasion of Ukraine may result in reduced dominance of the U.S. currency, according to a high-ranking official at the International Monetary Fund (IMF). The confrontation could lead to fragmentation of the world’s current monetary system, the top representative warned. New Currency Blocs May Emerge Amid Mounting Restrictions on Russia, IMF Says Russia’s decision to invade Ukraine has been met with waves of Western sanctions that have limited Moscow’s access to its foreign currency reserves and the global....
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With the EU, US, and other countries imposing financial sanctions on Russia, there have been concerns that individuals and organizations in the country will resort to crypto to circumvent the restrictions. US Sanctions Will Include Digital Assets With effect from March 1st, the US Treasury Department said that recent sanctions against Russia will include checks […]
Former presidential candidate Hillary Clinton has urged nation-states to “start paying greater attention to the rise of cryptocurrency.” She warned that crypto could undermine the role of the dollar as the world’s reserve currency and could destabilize nations.
Hillary Clinton Warns Cryptocurrency Poses Risk to US Dollar and Nations’ Stability
Former Democratic presidential candidate Hillary Clinton talked about cryptocurrency Friday during a panel discussion at the Bloomberg New Economy Forum in Singapore.
While addressing a range of new....
The FinCEN, an agency of the US treasury department, has informed all financial institutions that Russia may likely consider using cryptocurrency to evade sanctions associated with its military activities in Ukraine. The current director of FinCEN, Him Das, explained that proactive reporting of wary actions is part of the United States’ efforts to support Ukraine […]
Russia's central bank says a digital ruble could make Russia less dependent on the U.S. dollar and more resistant to foreign sanctions.
It has been argued that Russia may avoid Western sanctions for invading Ukraine by using cryptocurrencies. However, is it viable? The small scale of the cryptocurrency market restricts Russia’s capacity to use cryptocurrencies to bypass international sanctions, according to credit rating agency Moody’s. Analysts predict that sanctions will prompt the Russian Federation to create alternatives to […]