Episode 25: Digital Money in Times of Crisis

The recent Ukraine-Russia war has raised multiple significant questions about the use of digital money. First, with the bank-run on Russian banks following the sanctions, would public and private forms of digital money offer potential ways to deal with bank-runs? After Western nations imposed new sanctions on Russia for its invasion of Ukraine, the Russian ruble was down nearly 30% against the US dollar at one point. Soon after, Russians queued to withdraw money in some cities, worried about cash shortages, despite the Russian Central Bank calling for calm. With the bank-run on Russian banks following the sanctions, public and private forms of digital money received the spotlight to be discussed regarding their roles in dealing with bank-runs as well as possibly creating other forms of risks.