By heightening competitive forces and thus incentives for productivity and innovation, international trade has likely accelerated the process of “creative destruction” by which outdated and less productive activities are replaced by new technologies and more dynamic enterprises.
DRs are issued in countries such as India, Taiwan, Hong  2  BIS central bankers’ speeches  Kong and South Korea. There is already a depository bank with local operations (Citibank) that can facilitate the process. However, the challenge would lie in the negotiations with the multinationals – convincing them of the advantages of issuing DRs.