This episode is sponsored by, Arculus and FTX US.

As many in geopolitics and economics try to understand how the world global order is shifting in the wake of Russia’s invasion of Ukraine and the resulting sanctions (see The Bretton Woods III Thesis), one battleground is the International Monetary Fund versus new forms of debt financing. On today’s episodes, NLW looks at:

  • Why El Salvador’s “Bitcoin Bond” is being delayed, and why it is being issued by a state-owned energy firm
  • The IMF’s latest agreement with Argentina, and why it focuses on disincentivizing the use of crypto
  • The Malaysian Communication Ministry’s suggestion the country makes BTC legal tender

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: btgbtg/Getty Images, modified by CoinDesk. Join the discussion at