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04 APR,2022 | MEDC
The sanctions imposed on Russia by the West are likely to (in the long run) backfire on the global dominance of the US dollar. The current crisis could also spur the adoption of digital finance, from cryptocurrencies to stablecoins, as well as central bank digital currency (CBDC). The Western sanctions on Russia revealed how geopolitics and national security concerns are increasing intertwining the world of finance, including the development of CBDC. China's rapid progress in developing a digital currency has alarmed some policymakers in the advanced G7 economies, as it could pose a potential threat to the global hegemony of the US dollar. It is now clear that the development of the CBDC will have a lot to do with national defence and internal security considerations. The lesson to learn from this unfolding episode is that while sanctions using financial tools may be necessary in extreme cases like the current Ukraine crisis, they are emergency measures whose use should be limited, as they could have unpredictable consequences on both global and domestic financial stability.
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