Cryptos Are Not A Threat For The US Dollar, Says US Treasury's Adeyemo


A high-profile official from the US government came recently with words of support towards the US dollar as the world’s dominant currency despite the surge in demand for cryptocurrencies.

Wally Adeyemo, US Deputy Treasury Secretary, was the authority that said that virtual currencies like Bitcoin (BTC) don’t possess a big threat to the greenback.

He still praised the fact that cryptos present many opportunities for the economy and bring many challenges to face – a rhetoric used by domestic watchdogs when discussing regulating the industry.

USD vs. BTC In The Economy

“We know that digital assets have the ability to be used by those who want to illicitly move money through the system in a way that doesn’t touch the dollar and that we can’t see as easily,” Adeyemo commented in an interview with CNBC.

Overall, Treasury’s Deputy Secretary believes that as long as the US economy keeps growing, the global economy will have enough room and opportunities to do the same. Thus, the US dollar’s dominance will strengthen, Adeyemo concluded about the matter. Still, he also left the doors opened to discuss even more about cryptos as a vehicle for illicit activities.

Russian CBDC

His words also came in the wake of the recent developments from central banks around the world that are developing CBDCs (central bank digital currencies) like the Russian one.

About the matter, Adeyemo said that even with a digital ruble in place, US sanctions still will have an impact on the Russian economy, scaling the discussion into a diplomatic affair.

The Bank of Russia recently announced that its CBDC prototype will be launched in January 2022, although the project is still under development. Also, no more details have been disclosed by the Kremlin about what could be the official digital currency of Russia.

None of the statements from Adeyemo had a direct impact on Bitcoin, whose price keeps being offered across the board, now trading below the $57,000 handle.



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