👉👉👉 Russian Economist: ‘#US Sanctions Will Undermine Dollar and Boost Digital Ruble

A prominent Russian economist, Alexander Razuvaev, has asserted that the impact of American sanctions will erode the role of the US dollar globally, potentially facilitating the international adoption of the digital ruble. Razuvaev, a member of the supervisory board of the Guild of Financial Analysts and Risk Managers, believes that US actions against Russia in response to the conflict in Ukraine will diminish global confidence in the American currency.

He suggests that countries trading with Russia may seek central bank digital currencies (CBDCs) as an alternative to the dollar. Razuvaev sees this scenario accelerating if the US were to, for instance, transfer frozen Russian assets to Ukraine. He emphasizes the need for Moscow to strengthen foreign trade links, advocating for trade in yuan and Emirati dirham with China and Middle Eastern nations. Additionally, he anticipates the adoption of the digital ruble in trade within the Commonwealth of Independent States (CIS), a group of former Soviet nations aligned with Moscow.

Belarus and Kazakhstan, key members of the CIS, have been advancing their #CBDC projects, coinciding with Russia's Central Bank initiating its pilot. The digital yuan-digital ruble integration has been discussed by Russian lawmakers, but China has yet to confirm any plans. Despite expressing confidence in the digital ruble's potential role, Razuvaev believes the US dollar will likely remain the world's reserve #currency .

He criticizes Washington's move to freeze Russian Central Bank assets, stating that it has proven counterproductive. Following the outbreak of war in 2022, around $300 billion worth of sovereign Russian assets were blocked by the US and allied nations. Some lawmakers have suggested transferring these assets to Ukraine, but legal challenges complicate such a move.

Source - cryptonews.com

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