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What is dollarization?

What is dollarization? Here are some definitions.

Noun
  1. (economics) The process of a country, officially, or its residents, unofficially, adopting the US dollar or other foreign currency in parallel to or instead of the domestic currency.
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Examples
For years a good part of the economics profession has been telling it to scrap the currency board in favor of dollarization.
Leaders also revealed plans for a 48-hour stoppage on May 1 against the dollarization of the currency and for freedom for political prisoners.
Where inflation and nominal interest rates are very high, dollarization may improve government finances by increasing real revenue.
The dollarization of local savings and credits played important roles in agents' perceptions and behavior.
Despite these protests, the government has insisted that dollarization is in the best interest of its citizens.
They know from elsewhere that the dollarization process would hit them particularly hard.

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