Is the Dollar’s influence in trade invoicing, a thing of the past?

If you’ve been paying attention, for some time now, several state-sponsored FinTech initiatives have enabled an incremental albeit persistent trend among a few countries to begin extricating the US dollar from global trade.

The latest appears to be India.

India has permitted eighteen countries to open ‘Special Vostro Rupee Accounts’ with its Central Bank. A move which will enable these countries to settle payments in Indian Rupees in lieu of US Dollars.

This signals a further disruption to the omnipresent status the US dollar enjoys as the global medium of exchange and international unit of account.

This topic is discussed at length in my book – Bad Money

Will this trend continue? Is the dollar’s status in jeopardy?

Please share your thoughts and comments below.