KONTAN.CO.ID - TOKYO. Sanctions imposed on Russia could prod more countries like China to look at central bank digital currencies (CBDC) as a tool to counter the dollar's dominance in the global financial system, former Bank of Japan executive Hiromi Yamaoka said on Wednesday. While sanctions using financial infrastructure are necessary in extreme cases like the Ukraine crisis, they are "emergency means" that should not be over-used, said Yamaoka, who is well versed in CBDC and global settlement affairs. U.S. allies including Japan imposed a series of sanctions against Russia for invading Ukraine on Feb. 24, including the freezing of the central bank's foreign assets and the removal of many Russian banks from the global payments system SWIFT.
Ex BOJ Official: Ukraine Crisis May Reshape Role of Central Bank Digital Currency
KONTAN.CO.ID - TOKYO. Sanctions imposed on Russia could prod more countries like China to look at central bank digital currencies (CBDC) as a tool to counter the dollar's dominance in the global financial system, former Bank of Japan executive Hiromi Yamaoka said on Wednesday. While sanctions using financial infrastructure are necessary in extreme cases like the Ukraine crisis, they are "emergency means" that should not be over-used, said Yamaoka, who is well versed in CBDC and global settlement affairs. U.S. allies including Japan imposed a series of sanctions against Russia for invading Ukraine on Feb. 24, including the freezing of the central bank's foreign assets and the removal of many Russian banks from the global payments system SWIFT.