• xuxebiko@kbin.social
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    1 year ago

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

    • livus@kbin.social
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      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
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        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.