Why $ is the Dominant Currency in International Commerce?For how much longer?

Bretton Woods Conference in 1944 and Gold Standard lead to the world dominance of the US Dollar that is now used in most international transactions relative to imports and exports. The Bank of International Settlements estimates that the US dollar is involved in almost 90 per cent of foreign exchange transactions and accounts for 85 per cent of transactions in spot, forward and swap markets. Half of global trade and three-fourths of Asia-Pacific trade are denominated in US dollars.

In this context one cannot help but wonder what repercussions this leads to politically and otherwise.

While this was seen as a facilitation over the years that was supposed to avoid conflicts among nations, the polarisation of political views in international relations are continuously demonstrating that the world is moving towards alternatives where it comes to the currencies and the way these are used in international trade.

These changes are not expected to be implemented any time soon, but the eagerness with which these ideas are supported by national governments of BRICS countries, for example, will certainly influence the biggest and the smallest goods traders over time, especially in the digital age where decisions and solutions are capable of responding to challenges faster. Therefore, where international commerce is concerned, a lot of new business models will likely arise and this should be looked at as an interesting and profitable opportunity to explore.