https://youtu.be/ou-hIMFRJ9g?si=gtnkIHPZOL9BeRtS
India begins Brics membership ditching USD for oil payments.
The trouble with India paying for oil in rupees is that these rupees must then remain in India. India does not want foreign countries holding rupees abroad.
Also the case with China. You can’t do FDI (foreign direct investment) in Yuan. China requires dollars. Especially now that China FDI has collapsed.
Few want their currency used as some foreigners reserve currency. The only viable ones are the dollar, the Euro, and the British pound. And even less so do these countries want to hold assets, especially financial assets, in each other. They trust each other about as much as sheep trust wolves.
And then there is capital flight, the ultimate in “voting with your feet”. Where does capital flee, when it has to?