The same holds true, for the moment, for wholesale payment systems, even if distributed ledgers show more promising applications in that area.10 That being said, developing economies’ successful experience with mobile payment systems suggests that cash may be sidelined sooner rather than later, even in economies where it today reigns supreme.11 Indeed, our own efforts to upgrade retail payment systems may even be accelerating this evolution.12 In a not so distant future, universal reserves could enable people to hold a central bank liability comparable to cash, without the risks associated with commercial money.
A number of laws have also been promulgated to bring the trade regime in conformity with World Trade Organization regulations. These include antidumping and countervailing measures intellectual property rights. BIS Review 9/2005  3  Financial sector reforms Financial sector has made the farthest progress by transforming itself into a market oriented, private sector dominated sector performing efficient intermediation.