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Wally Adeyemo: Digital Assets Present Economic Opportunities, Financial Crime Risk

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Wally Adeyemo, deputy secretary of the Department of the Treasury, said digital assets such as cryptocurrency offer opportunities for economic growth and could also pose financial crime risks, CNBC reported Wednesday.

Adeyemo told CNBC in an interview during his visit to the United Arab Emirates that countries should collaborate and urge digital asset creators to comply with anti-money laundering policies.

The Treasury official predicts the U.S. dollar to remain a dominant global currency despite the growing interest in virtual assets and ongoing efforts of global central banks to develop their own digital currency.

He also noted that the $1.2 trillion bipartisan infrastructure package President Joe Biden signed into law Monday has the potential to attract investments from other governments.

“As our economy grows, it is an opportunity for the global economy to grow and as that happens, the dollar will remain the dominant currency in the world as well,” Adeyemo said.

He does not expect central bank currencies such as Russia’s digital ruble to affect the U.S. sanctions policy as restrictive measures will still have an impact on the designated countries’ economies.

“As long as we make the investments that are needed, we are still going to have the ability to use our sanctions regime to make sure that we prevent the thing that it was created to prevent,” Adeyemo explained.

The Potomac Officers Club will hold its Digital Currency and National Security Forum on Jan. 27 to discuss the implications, risks, opportunities and challenges digital currencies pose to the future of the U.S. economy and national security.

Sign up for this event to hear from government and industry leaders including keynote speakers National Cyber Director Chris Inglis and Juan Zarate, global co-managing partner and chief strategy officer at K2 Integrity.

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