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

avatarTerp JosephDec 26, 2021 · 3 years ago1 answers

How did the petrodollar agreement of 1973 impact the growth and evolution of blockchain technology in the digital currency industry?

What role did the petrodollar agreement of 1973 play in the development of blockchain technology?
Blockchain Technology
Petrodollar Agreement
Digital Currency

1 answers

  • avatarDec 26, 2021 · 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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