Dollar dumped? India buys 1M barrels of UAE oil using rupees instead of USD for the first time — why this could be the beginning of the end for the greenback
finance.yahoo.com
With the UAE set to join BRICS, could it be over for the U.S. dollar?
  • xuxebiko@kbin.social
    0·
    1 year ago

    India has been buying oil from Russia using Yuan, after Russia rfused to accept any more Rupee payments.

    • livus@kbin.social
      0·
      1 year ago

      Yes it’s all getting interesting. We can see why a standard currency could be useful to BRICS. (Which UAE just joined).

      • ☆ Yσɠƚԋσʂ ☆@lemmygrad.mlOP
        01·
        1 year ago

        It’s worth noting that the BRICS currency basically sounds like the Bancor idea that Keynes proposed https://en.wikipedia.org/wiki/Bancor

        It’s not a general currency, but rather one meant specifically as a clearing system for settling transactions in international trade. The main problem it solves is convertibility. Using a common currency allows selling goods to one nation, and then using the funds to pay another nation for goods you might want to purchase from them seamlessly.