{"id":225326,"date":"2022-03-17T01:00:02","date_gmt":"2022-03-17T01:00:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=225326"},"modified":"2022-03-16T22:56:45","modified_gmt":"2022-03-16T22:56:45","slug":"russia-sanctions-could-push-other-countries-to-develop-their-cbdcs","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/russia-sanctions-could-push-other-countries-to-develop-their-cbdcs\/","title":{"rendered":"Russia sanctions could push other countries to develop their CBDCs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Banking executive Hiromi Yamaoka believes that the conflict in Ukraine could influence central bank digital currencies (CBDCs) policy globally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The former head of payments and settlements department at the Bank of Japan sees countries such as China exploring CBDCs to counter the dominance of US dollars.<\/span><\/p>\n<h2><b>China, others could explore CBDC to counter US Dollar dominance<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Since Russia invaded Ukraine on its \u201cspecial military operation,\u201d world powers led by the US have <\/span><a href=\"https:\/\/cryptoslate.com\/circles-tightening-for-russia-g7-intensifies-measures-and-japan-sanctions-against-crypto-usage\"><span style=\"font-weight: 400;\">imposed strict sanctions<\/span><\/a><span style=\"font-weight: 400;\">. Most of these sanctions have cut the country\u2019s access to foreign exchange, making it impossible to make settlements in US dollars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Yamaoka, sanctions using financial infrastructure should not be overused to maintain efficacy. He added that\u00a0<\/span><\/p>\n<blockquote><p>The most effective, powerful weapon was the freezing of Russia\u2019s foreign reserves.<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Yamaoka continued that these sanctions have shown the effect of politics and national security on global financial infrastructure. Seeing just how much power western countries wield with this sanction, China may promote its digital yuan as an alternative currency for cross-border settlements.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yamaoka said China could \u201ccreate a currency bloc,\u201d and from now on, \u201cdefense and national security will likely become key themes when debating CBDC.\u201d<\/span><\/p>\n<h2><b>CBDC roles to become more pronounced<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">His statement echoes China\u2019s intention when it created the digital yuan. One of the main goals of the digital currency was to help the Asian country <\/span><a href=\"https:\/\/cryptoslate.com\/china-enters-2022-with-a-first-mover-advantage-on-the-cbdc-front-releases-pilot-versions-of-digital-yuan-wallet-apps-for-android-ios\"><span style=\"font-weight: 400;\">increase transactions in the Chinese yuan<\/span><\/a><span style=\"font-weight: 400;\"> rather than US dollars.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was introduced to an international audience during the Winter Olympics and has already been used by over 260 million people in the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other countries, including Russia, have also worked on a national digital project.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And with many of them witnessing how the western countries have weaponized the US dollars in a time like this, more powerful countries may now see the CBDC as an integral part of their financial freedom from the west.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The International Monetary Fund (IMF), in one of its previous <\/span><a href=\"https:\/\/www.imf.org\/-\/media\/Files\/Publications\/PP\/2021\/English\/PPEA2021048.ashx\"><span style=\"font-weight: 400;\">reports<\/span><\/a><span style=\"font-weight: 400;\">, had stated that the Chinese Yuan had the potential of easing cross-border payments-especially if the country can reach an \u201cunderstanding with foreign jurisdictions.\u201d<\/span><\/p>\n<h2><b>US government is also exploring digital dollar<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Seeing the level of success enjoyed by China with its CBDC project, the US government, through its recently <\/span><a href=\"https:\/\/cryptoslate.com\/crypto-markets-lose-100-billion-as-biden-signs-executive-order-on-digital-assets\"><span style=\"font-weight: 400;\">signed executive order<\/span><\/a><span style=\"font-weight: 400;\">, has also shown a willingness to maintain the dominance of the US dollar in international transactions by working on a digital version.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to available information, different federal agencies in the United States, alongside Congress lawmakers, have been <\/span><a href=\"https:\/\/cryptoslate.com\/do-crypto-holders-need-to-fear-the-digital-dollar\"><span style=\"font-weight: 400;\">studying how a CBDC<\/span><\/a><span style=\"font-weight: 400;\"> project would affect the country\u2019s economy and as a reserve currency of the world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banking executive Hiromi Yamaoka believes that the conflict in Ukraine could influence central bank digital currencies (CBDCs) policy globally.\u00a0 The former head of payments and settlements department at the Bank of Japan sees countries such as China exploring CBDCs to counter the dominance of US dollars. China, others could explore CBDC to counter US Dollar [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":225411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669,60208],"tags":[76807,77505,76832,77057],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia sanctions could push other countries to develop their CBDCs<\/title>\n<meta name=\"description\" content=\"The level of sanctions being imposed on Russia could force other top countries to rethink their central bank digital currency (CBDC) project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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