Yes, it is possible and there are discussions going on in many parts of the world about it to create a multi-currency system that is not solely dependent on pre-dominated US dollar-based system and digital currencies such as Bitcoin is also an option. The major economic powers such as China and Russia are already using their national currencies to trade goods and services. However, completely moving away from US dollar poses significant challenges due to complexities involved and need for agreements among nations to establish and accept a new system.