Political Rivalry Leads To US Dollar Reserve Currency Replacement Idea Being Raised Again
It's an idea that has been raised from time to time in the past. The last time that I recall it was suggested was following the 2008 financial crisis.
The idea is to use other currencies instead of the US dollar for the purchase/sale of diamonds – as well as a wide range of internationally traded commodities. Russia's ALROSA, the world's leading rough diamond miner by volume, announced that it has tested a payment mechanism with foreign clients using the Russian currency, the ruble.