Dedollarisation fails before starting, Russia and India halt rupee trade

[Latviand]

If pays attention to the direction of the de-dollarization concept, it refers to reducing dependence on the US dollar as the dominant currency in international trade and finance. Russia and India have previously expressed interest in increasing trade in their local currencies to reduce dependence on the US dollar, but these efforts have faced challenges. One such challenge is the limited acceptance of this currency in international trade and finance. Yes, it's very likely that Dedollarization failed before it even started as you mentioned.

It's not limitied acceptance because these BRICS countries have ironed out all the details for their plans so I do believe that this is not the case of acceptance, I think that it's the case that they're still trading with other countries with dollars and they probably don't have enough dollar for their trades with the other countries. Not to mention, that the hold of dollar in the international market is so strong and deep, they need a lot of countries to completely abandon the dollar for international trade before they can make any difference. Don't get me started with politics too, that's another matter that has a big influence why this dedollarization isn't working as intended.

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[Kakmakr]

Well, the BRICS countries consist of some of the larger countries in the world.... namely, Russia / India and China.... and once they start pushing their Fiat currencies into other smaller countries, then it will be a step closer to the dedollarisation of the US Dollar.

The US Dollar did not become a global reserve currency over night, it took the US a long time to pimp their currency to weaker economies all over the world. The cracks in the US economy are showing.... and the other countries are seeing that... and they want to be ready when it all goes up into flames. (We know the US use war to hide their flaws or to shift the attention to a reset in the global economy) 

[Hispo]

I was expecting some problems like these to eventually appear in these kinds of bilateral trade agreements. People underestimate the power and adoption of the dollar and It seemed strange to me the amount of news we saw about that topic.

It is mostly a talking point on the Republican party to blame Biden of the possible lose of power of the USD.

Do not get me wrong, I believe that getting rid of the American Dollar is possible but it is not as nearly as easy as those news made it sound. It is a process which takes tonnes of planning, synchronization and liquidity from both consuming and producing countries, even industrialized countries or the so-called first world.