Ecuador is planning to create the world’s first digital currency issued by the country’s central bank, in what is seen by many as a step to abandon the US dollar, the currency now used by the Central American country.
The Russian ruble has hit a record low against the US dollar on Friday, dropping to 37.10. The sharp devaluation comes amid rising concerns over the situation in Ukraine and investor fears that the West will unleash fresh sanctions against Russia.
David Cameron will enter the fray in the Scottish independence campaign, vouching for the Union as “an economy of opportunity” as business leaders publicly take sides three weeks ahead of the 18th September in-or-out referendum.
To make sanctions against Russia efficient, a Polish MEP said they need to be “preventive, prophylactic sanctions,” rather than reactive. Ryszard Czarnecki represents one of the countries hardest hit in the “sanctions war” between Russia and the West.
Russia is taking steps to ensure that it protects itself from any future dollar or euro sanctions. Moscow boasts the world’s 5th biggest foreign exchange reserves and the 6th largest gold reserves. In total, the assets amount to over $1.5 trillion.