digital assets provide an “opportunity”: U.S. Deputy Treasury Secretary
The US Deputy Treasury Secretary shared his stance on digital assets and Central Bank Digital Currency (CBDCs) and described them as an opportunity for the economy.
In the present time, digital assets and Central Bank Digital Currency (CBDCs) adoption is at a tremendous level. Most of the experts believe that such adoption is a kind of threat to the global economy. However, few people don’t think digital assets and technology adoption may cause any risk but still believe that there are challenges that can be easily handled.
In an interview with CNBC on Wednesday, Wally Adeyemo- U.S. The Deputy Treasury Secretary said that the US dollar will remain the dominant currency in the whole world no matter what the rate of crypto adoption.
Wally pointed out the opportunities because of the adoption of digital assets for the global economy. However, he also said that there are some challenges with the adoption. For example, money laundering is a big issue because of crypto adoption. However, there are possible solutions to benefit from such innovation.
“We do think that ultimately working together with countries around the world, we can address this risk by calling on the creators of digital assets to follow the rules around Anti-Money Laundering more closely.”
Wally also said that in terms of U.S. sanctions, there is no relationship with crypto. So Wally tried to assert that both of these things are independently important and they will not compete with each other in terms of adoption.
Wally also considered the digital Fiat in the digital assets category. To give an example, Wally took the reference of Digital Ruble and said these are not a threat to the US dollar. Further, he said that there are many businesses in the world, including Russian businesses, involved in the US dollar. So the US economy will always remain the dominant economy in the world.
“As long as that is the case, and as long as we make the investments that are needed, we are still going to have the ability to use our sanctions regime to make sure that we prevent the thing that it was created to prevent.”