And central banks see the risk of politically-driven SDR allocations stoking global inflation. –  It has been suggested that developing “private SDR markets” (in analogy with the experience of the private ECU in the 1980s and 1990s) could be a way of making SDRs more attractive as reserve assets and expanding the SDR’s role as a unit of account in trade and finance.
This transformation is not limited to payment products and services, but also applies to investments and other financial transactions. Indeed, the exponential leap in the number of UITF participants can be largely traced to new investors using digital platforms. The BSP calls on supervised financial institutions to take steps to meet this demand.