On June 24th, several Russian banks, including Promsvyazbank and Bank Rossiya, suspended their service on opening savings accounts in US dollars and euros. Some banks have also suspended deposit operations in US dollars and euros. Since June 9th, euro and dollar accounts services have been unavailable in Russia.
Due to Western financial sanctions, Russian banks have given up investing in dollars and euros. This operation means the Russian ruble is pro-actively decoupling from the US dollar.
Miles Guo projected that the Hong Kong dollar would also pro-actively seek to decouple from the US dollar in the future. So the Hong Kong dollar will be pegged into the “currency basket” designed by the Chinese Communist Party (CCP), which contains other fiat currencies decoupled from the US dollar. If the Hong Kong dollar decouples from the US dollar, the Renminbi by the CCP will immediately lose its value.
Under the premise that the world is decoupling from the US dollar, an era of digital currencies will eventually come.
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