Comment by codedokode
7 days ago
Other currencies are not always great: for example, being under sanctions Russia sold oil to India for Indian rupees; then it found out that you cannot simply take rupees abroad or exchange and you need to invest them locally [1].
But I also wonder what's wrong with other currencies and why they are not used more often.
But of course, current US move will greatly help recent Russian efforts in persuading other countries to switch the trade from US-controlled dollars.
[1] https://www.asianews.it/news-en/Delhi-pays-for-Russian-oil-i...
>But I also wonder what's wrong with other currencies and why they are not used more often.
I think that they are less stable and more controlled by their countries of origin. The US has, relative to the rest of the world, an exceptionally stable political system, little control over the dollar, and a huge economy.