Russia to have a ‘digital ruble’
by Alison Ryan
In this world’s economy the lust for power to rule makes war a mockery of its true intent.
There’s always been wars fought for a purpose and to defend freedoms against aggressors.
Where diplomatic talks fail, as in the case of NATO and Russia, war becomes inevitable.
The spirit behind the real movers and shakers of the Russian/Ukrainian war motivated the US and several of its allies to disconnect a few Russian banks from the Belgian-based Society for Worldwide Interbank Financial Telecommunication (SWIFT), which facilitates most commercial cross-border payments between firms banking in different countries, and to exert pressure on Russia.
No fool for the West, but certainly an international world power, Russia may have anticipated the sanctions and, so, started working on its own CBDC — the “Digital Ruble”.
According to Credit Suisse Group AG strategist Zoltan, “Russia’s central bank and private sector have almost $1 trillion of liquid wealth, with a much larger share of this held in U.S. dollars than most people realize, even after the country sold all its Treasuries holdings in 2018”.
Russia is an active member of the UN; however, the UN policies of universalism are not nationalistic and Russia is strongly nationalistic. It is well that Russia’s relations with China remain a bright spot for the Kremlin because their partner relations with China will allow Russia a remaining cooperation in an environment where Western markets are closing against them.
Given that some of Beijing’s most explicit comments on the sanctions reveal that “China is not a party to the crisis, nor does it want the sanctions to affect China”, nevertheless, “China has the right to safeguard its legitimate rights and interests.”
Australia’s role is increasing in the Asia-Pacific region and we shall do well if Australia can follow the wisdom of standout politicians who seek freedom and righteousness and reject the calls to fight someone else’s war.