Will the World Need a ‘Bretton Woods Agreement’ for Cryptocurrencies?
- Date: 15-Aug-2021
- Source: Al Bawaba
- Sector:Financial Markets
- Country:Middle East
Will the World Need a ‘Bretton Woods Agreement’ for Cryptocurrencies?
50 years ago today, the US withdrew from the Bretton Woods agreement, which was signed in New Hampshire 27 years earlier, sparking a global controversy in the financial world, one that continues to this very day.
The Bretton Woods agreement was a post-WWII attempt to set a global monetary system aimed at maintaining the value of different global currencies and therefore encouraging free trade across the world using one currency.
The agreement was signed in Bretton Woods, New Hampshire in 1944 by 44 countries, such as the US, the UK, Australia, the former USSR, China, and others, including two Arab states (Iraq and Egypt).
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