The prior financial order was built upon the Bretton Woods system, underpinned by the U.S. dollar, while others advocate for a shift to decentralized currencies.
Representatives from 44 nations signed the Bretton Woods Agreement in 1944, creating a new financial order that has begun to face challenges unprecedented in its history.
The U.S. used the Bretton Woods system to regulate financial transactions, wielding its power to impose sanctions and exert influence through monetary controls.
With the rise of state-backed cryptocurrencies and CDBCs, a robust battle for dominance is emerging, possibly marking a significant shift in global financial power.
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