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From your Shopify admin, go to Settings > Store details. In the Store currency section, select your new store currency from the list. If you aren't able to select a new currency, then you need to contact Shopify Support to change your store currency. Click Save.

Term. Definition. Currency Conversion. Currency conversion is the process that facilitates transactions where the issuer and acquirer use different currencies by exchanging one type of currency for another. Currency conversion typically results in some added costs for the customer.

Since the US held most of the world's gold supply and the gold-backed dollar was relatively stable, it was agreed that the US dollar would be the official reserve currency. Thus, allowing other countries to back their currencies with dollars rather than gold.

Currency substitution is commonly motivated by the need for a more stable monetary unit or in countries that are too small to capture the economies of scale of having their own currency.

When adopting a foreign currency as legal tender, a monetary authority needs to withdraw the domestic currency and give up future seigniorage revenue. The country loses the rights to its autonomous monetary and exchange rate policies, even in times of financial emergency.

The central bank, or other competent, state authorities (such as the treasury), are typically empowered to create new, physical currency, i.e. paper notes and coins, in order to meet the needs of commercial banks for cash withdrawals, and to replace worn and/or destroyed currency.

Official Use of the US Dollar More than 65 countries peg their currencies to the U.S. dollar while five U.S. territories and eleven foreign nations use it as their official currency of exchange.