How does a new nation get its currency recognized by established nations?
Currencies do not need international recognition, governments do. As long as the government of the new nation is internationally recognised, it can make any decision it likes about which currency it will use. Once that is done, the global economy will either run with the new currency or it won’t. The real test is the economic clout behind the new money – so the Euro had no trouble in getting established and used on the international money markets. Small countries tend not to try.
