One implication of the globalization of financial markets is that we can no longer be self-sufficient in the rules related to financial transactions. The trend is the application of internationally developed rules in the domestic sphere. The Basle Accord of 1988 was probably a landmark in this context.
It will be important to be engaged at the outset on the development of any international standards that may apply to CBDCs, given the dollar’s important role as a reserve currency.