Washington’s recent sweeping sanctions against Russia have spurred questions about the durability of the greenback’s clout as the world’s dominant currency. But the alternatives are all so much worse, writes GinaChon:
The U.S. Treasury Department on April 20 imposed sanctions on the Swiss holding company for virtual currency miner Bitriver, with an aim of preventing it from helping Russia evade economic restrictions. U.S. persons and entities are prohibited from conducting transactions with Bitriver, marking the first time the agency has acted against a cryptocurrency miner.
Gita Gopinath, the International Monetary Fund’s first deputy managing director, said Russian sanctions could eventually erode the dominance of the U.S. dollar, partly through small currency blocs set up by trading partners, according to the Financial Times on March 31.FILE PHOTO: U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022.
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