It is a critical first step that the financial policymakers of the United States have acknowledged the need for a CBDC, but that realization is not enough. 

Because the Libra now seems viable, the question becomes whether there is a need to integrate a digital currency into the global economy.

While New York, London, and Hong Kong will continue to play outsized roles in international business, their current privileged status may be more precarious than it seems.

In the long run, despite more advanced payments technology, it will be incumbent that China pursue further liberalization to render its currency more attractive.

If a symbolic denouncement is indeed the goal, Magnitsky sanctions are likely the right tool, as they would send a powerful message of solidarity with protesters to both the Hong Kong and mainland authorities.