Dream - Countries around the world are now trying to move away from the US dollar in international transactions. Discussions about de-dollarization have actually emerged every few years, at least since the 1970s. According to Business Insider, some countries, such as Brazil, Argentina, Bangladesh, and India, are preparing currencies and reserve assets like yuan and bitcoin for trade and payment.

This also affects countries around the world that must carefully follow US economic and monetary policies to avoid spillover effects on their economies. Some countries, including India, have expressed their disgust and fatigue with US monetary policies. A working group at the Reserve Bank of India is now advocating for the use of the Indian rupee for trade. This is called in line with the vision of Indian Prime Minister Narendra Modi.

The following is the translation of the Bahasa text to English while preserving any HTML tags: "The strengthening of the Greenback against most currencies worldwide has made imports much more expensive for developing countries. In Argentina, political pressure and a decline in exports have contributed to a decrease in foreign exchange reserves in US dollars and have put pressure on the Argentine peso, triggering inflation."

The following text has been translated from 'Bahasa' to 'English' while preserving any html tags: "This has also prompted Argentina to start paying for imports from China using yuan instead of US dollars. "A stronger USD will weaken its role as a reserve currency," said an economist at Allianz. Brazilian President Luiz Inácio Lula da Silva has been one of the most vocal supporters of forming an alternative currency to settle trade, even urging Brazil, Russia, India, China, and South Africa to switch from the US dollar."

The main reason why the US dollar becomes the world's reserve currency is because Gulf countries in the Middle East use the US dollar to trade oil. This arrangement was formalized in 1945 when the oil giant countries, Saudi Arabia and the US, reached a historic agreement where Saudi Arabia would sell its oil to America only using the greenback.

"As a reward, Saudi Arabia will reinvest the excess dollar reserves into the treasury and companies in the US. This agreement guarantees the security of the US for Saudi Arabia. However, later on, the US becomes energy independent and a net oil exporter with the rise of the shale oil industry."

This makes the relationship between the US and Saudi Arabia similar to "archenemies". Saudi Arabia may be able to switch oil prices to US currency one day, wrote Sarah Miller, an editor at Energy Intelligence, in November of last year.