In Aug 1971, President Nixon ended the dollar convertibility to gold announcing the collapse of the gold standard which was created after WW2. Two years later, petrodollar system came into existence in 1973 to maintain the global demand for U.S. dollars as all oil sales will be transacted in US dollar. The United States dollar has become the world currency. Over the last couple of years, cracks in the Petro-dollar started to form, oil cannot prop up the US dollar forever and keep it the world currency.
Most countries are questioning and challenging the current monetary system. Plummeting oil prices, Covid-19 related consequences, central banks shifting to negative interest rates and their readiness to launch digital currencies are pushing the current monetary system to the edge. The current monetary system is retiring and the new one will emerge in the forthcoming years.