some emdes. these jurisdictions often have weaker domestic currencies or large underbanked populations. i do recognize that not all emdes are the same. as we can see right here in asia, there can be a wide variety of emdes in a single region, and advanced economies could also be in the mix. there is however one common risk for emdes : residents might come to primarily rely on off - shore providers of crypto - services. this dynamic may require us to place greater emphasis on effective cross - border regulatory cooperation. without such coordination and cooperation, crypto service - providers may find it easier to evade local requirements. in this context, the fsb is doing further work to practically address the cross - border regulatory challenges of stablecoins for emdes. also central in our framework is the principle of'same activity, same risk, same regulation '. this principle means that effective regulation should fit the financial stability risks that crypto - activities pose. flashy marketing terms might muddy the waters for regulators. this makes it all the more important to find the actual underlying economic functions and risks. 2 / 3 bis - central bankers'speeches publishing a framework is only part of the job. the most important next step is making sure that our recommendations are consistently implemented across the globe. because, without globally consistent implementation, certain crypto - service providers may continue to evade regulation. the fsb aims to deliver effective and consistent implementation of its regulatory framework by working closely with other standard - setting bodies, such as iosco, the imf, and fatf. because crypto - asset activities are inherently cross - border, specific attention will go to promoting implementation beyond the fsb's membership. we will do this through our own channels, including our regional consultative groups. but we will also closely work on this with the imf – given it's near global membership. as implementation is ongoing, we are committed to learning new lessons and to keep responding to new developments in the crypto - ecosystem. the sector is moving fast, so there is no room for complacency. before moving to a conclusion, i would like to touch upon one of these developments : tokenization. creating a digital representation of an asset and placing it on a distributed ledger could bring benefits to the financial system. this includes efficiency gains and potentially increased liquidity of certain assets. of course, there may also be risks for financial stability. for example, tokenization could increase the linkages

financial instabilities occur in the course of corporate restructuring, the bank of korea will have to respond actively through use of various policy tools, including open market operations and its lending facilities. although the recapitalization of state - owned banks, where worsening capital adequacies are feared, is an issue that should in principle be addressed through fiscal measures, the bank of korea has decided to also take part in this project, as a precaution against financial system instability. and going forward the bank of korea must do its utmost to fulfill its role in achieving the desired goals, while maintaining its fundamental principles. we also need to step up our efforts devoted to policy communication. to achieve effective communication there is nothing more important than heightening the accuracy of evaluations of and forecasts for economic conditions, and then delivering consistent policy signals to the market based upon them. the bank of korea needs to continuously improve its monetary policy decision statements, while expanding its channels of communication with economic agents. from this year on we have accountability to provide the public more detailed explanations of our inflation targeting operations. we will therefore have to fulfill this responsibility faithfully, and by doing so will ensure enhanced public understanding of and confidence in our monetary policy. dear fellow members of the bank of korea, given the challenging conditions facing the korean economy, expectations of the role of the central bank have become higher than ever. the policy environment around us can however be described as one of “ radical uncertainty, ” since the directions and speed of changes are very hard to understand. against this backdrop, if we hope to lay out policy alternatives that reflect reality well, then we should change our fundamental patterns of behaviour and thinking decisively. we should also listen carefully to new ideas, with flexible thinking and open minds free from the influence of past custom. however, this does not mean that we can overlook the basic principles of a central bank. if we are bent on keeping step with external changes without deep reflection, then we may easily forget where we stand and what the raison d ’ etre of a central bank is. we must bear in mind the fact that the central bank has to conduct its policies from the long - term perspective of the national economy as a whole, rather than being distracted by short - term outcomes. as in any organization, it is it sector capability that will determine the bank of korea ’ s development in this 4th industrial revolution era. we will therefore have to review how we can change our it - related work