Is the global economy steering toward a Bretton Woods for the digital-currency age?
Sunday marks the 50th anniversary of what has been described as the dropping of a “monetary bombshell” on the world financial system, when President Richard Nixon announced that the dollar would no longer be pegged to gold, effectively yanking America out of an international currency regime established by the Bretton Woods agreement.
“The case for an international currency is as strong today as it was then, but remains difficult to implement,” wrote Ousmène Jacques Mandeng, director of advisory boutique Economics Advisory Ltd, in a guest column in the Financial Times published Monday . Mandeng described the depegging of gold from the dollar as “a monetary bombshell.”
Meanwhile, the supply of stable coins, like Tether USDTUSD, +0.04% and Circle-backed USDC digital currencies usually backed by a fiat currency or some other asset to keep values fixed, has climbed by 900% to over $100 billion from a year ago, the Block reported in late May. Kenneth Rogoff, a professor of economics and public policy at Harvard University, told MarketWatch in a phone interview that he can understand why stablecoin supply, in particular, has exploded.
“The game-changer would be if CBDCs were interoperable,” writes Barry Eichengreen, professor of economics at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund, in a column for Project Syndicate published Tuesday.
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