The overall experience has been positive and encouraging. That said, the sandbox is a learning process both for the authorities and the participating firms, and we are constantly working on possible ways to improve its functioning and usefulness for both the authorities and the private sector. In summary, central banks and other authorities have a range of tools and roles to play when facing the challenges posed by the increased digitalisation of the financial sector. I have tried to provide some European experiences from the regulatory angle (MiCA), but also from the perspective of the provision of services (the digital euro project) and from the more informal interaction that innovation hubs and sandboxes allow, with the Spanish sandbox as an example. Carefully choosing and calibrating the right tools is key to making the most of the opportunities that digitalisation offers, while mitigating its risks. Let me stop here, and thank you very much for your attention. 1 43% of respondents ranked privacy as the most important aspect of the digital euro  (well ahead of other features) in order to maintain trust in payments in the digital age. 2 For further details on these decisions and next steps, see "Progress on the  investigation phase of a digital euro", available at https://www.ecb.europa.eu/paym /digital_euro/investigation/governance/shared/files/ecb.degov220929.en.pdf. 3 Caixabank, for peer to peer online payments; Worldline, for peer-to-peer offline  payments; EPI, for point of sale payments initiated by the payer; Nexi, for point of sale payments initiated by the payee; and Amazon, for e-commerce payments.

For instance, robotisation, alongside the use of AI and ML-related tools, allows increased efficiencies and, when properly conceived, can further help increase financial inclusion, thus fostering growth and employment alike. However, as with any innovation we should not only welcome the potential benefits but also set against them the new and traditional risks that could emerge with these tools. I would like to structure my address today into three interrelated fields: first, the European experience in regulating crypto-assets; second, the Eurosystem experience in developing and providing a digital euro; and third, the promotion of innovation and the Spanish experience with a sandbox. The European experience in regulating cryptoassets Over the last two years or so, cryptoassets have certainly attracted growing attention in the public debate. Their steady, exponential growth was the initial trigger, followed more recently by an equally impressive rapid decline. Yet, despite recent events, cryptoassets and their underlying infrastructure, are another good example of the potential of new technologies to help overcome certain shortcomings in the existing financial ecosystem and, perhaps, even to create new business opportunities. Take the potential possibility to fractionalise real-world assets (especially non-tradable ones), through  1/6  BIS - Central bankers' speeches  tokenisation, which opens a wide door to, among other things, an expansion of the investor base and broadening the range of collateral that is available and acceptable, beyond traditional items.