Cryptocurrencies, including CBDC’s, have now become a part of the narrative on sanctions due to high adoption.
The use of cryptocurrencies to evade international sanctions from various international governmental organizations like the United Nations (UN), the International Monetary Fund (IMF) and the World Bank, among others, has been a concern for regulators ever since the creation of cryptocurrencies.The rapidly increasing adoption of digital currencies in the last two years makes this discussion more important than ever, especially with the advent of central bank digital currencies (CBDCs) like the digital yuan. In an interview on Nov.17, United States Deputy Treasury Secretary Wally Adeyemo said that the efficacy of U.S. sanctions would not be undermined by central bank digital currencies. Adeyemo’s remarks follow comments from sanctioned Russian oligarch Oleg Deripaska, who urged the Russian government to use Bitco
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