Malaysian Prime Minister Anwar Ibrahim recently made his first official visit to India, from August 19 to 21. During his time in New Delhi, he spoke about a big idea—changing how countries handle money when trading with each other. He suggested that the world, especially countries in the Global South (developing nations), should stop relying so heavily on the US dollar and start using their own local currencies for trade. This, he said, would help these countries take back control of their economies.

Speaking at the Indian Council of World Affairs, a major government think tank, Ibrahim called the current financial system, which is heavily dependent on the US dollar, "obsolete." He even posed a powerful question: "Why should we be obsessed with the US dollar?" This bold statement caught the attention of many in the audience.

Ibrahim argued that when countries peg their local currencies to the US dollar, they lose some of their...