A New Bretton Woods Moment. How should Singapore pivot to fit in the new financial landscape?

Would like to hear your thoughts on how Bretton Woods 3.0 would potentially look like.

Could we see IMF’s own Special Drawing Rights (SDR) taking over the dollar as the base currency for international trade? Or perhaps the revolution will be decentralised, with Bitcoin as the new standard for unit of account? How so would this reshape Singapore as an international financial hub?

1

Discussion (1)

What are your thoughts?

Learn how to style your text

jhmadhu23

10 Aug 2021

Personally, I think they will stay with the exsiting system for quite some time. Probability wise having a digital dollar makes more sense. I do not think that Bitcoin or any other crypto currecny become a new standard. Because its a significant change to the exisiting monetory system. If they want it, they can easily do it with gold, just need to bring it to the blockchain like paxo. But, deflationary assets limit monetary expansion.

If you listen to Gary Gensler's speach, its clear that Bitcoin is a commodity ( thats good for bitcoiners). Any coin that went through an ICO ( including ETH), SEC might consider as a security no matter whether its a deflationary or inflatonary asset, which means they will be subjected to regulations. But i think, its a good sign for crypto because instead of killing them they create a framework for innovation. But, be prepared for some dead bodies too. Not that they are going to ban them rather create a framework that will not allow them to flourish.

Reply

Save

Write your thoughts