Russia has expressed its plan to replace its reliance on the US dollar with digital assets in the future. The move was to counter the negative impact of US restrictions on its economy. Taking a considerate view of the situation, the country’s deputy foreign minister expressed these thoughts in a media interaction with Interfax news. This specific strategy of reducing the dependence of the Russian economy on the US dollar is because the country continues to face restrictions from the US on its trade with various regional and international partners.
The challenges associated with transactions in US dollars continue to remain high on the agenda of the Russian government. There is no issue with the trading partners in the European Union as Euro settlements are going on without any hiccups. But when it comes to US dollars, the settlement of transactions is at the mercy of the US banks and financial institutions. Any transaction that seems dubious to US authorities can be easily blocked, which is not desirable for the Russian stakeholders.
The gravitation towards digital assets as a possible replacement of the US dollar attracted the interest of many crypto experts in this particular development. The statement holds great economic implications for the cryptocurrency domain. At the same time, it must be acknowledged that such integration will require comprehensive efforts from all stakeholders involved in the financial ecosystem. Reducing the dependence on the US dollar is no mean feat. Even Kremlin is fully aware of the challenges that come with such a step. But, this is a commendable step that will help crypto expand its adoption potential among prospective users.