What role did the petrodollar agreement of 1973 play in the development of blockchain technology?

1 answers

• May 10, 2022 · 3 years ago
  The petrodollar agreement of 1973 played a crucial role in shaping the development of blockchain technology. By establishing the U.S. dollar as the currency for oil transactions, the agreement strengthened the dollar's position as the global reserve currency. This dominance of the dollar in international trade highlighted the need for a decentralized and transparent financial system, which blockchain technology provided. As a result, the petrodollar agreement indirectly contributed to the rise of blockchain technology in the digital currency industry.
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