nearly everywhere. but there are some important differences, too. in general, we have to acknowledge that, even from a purely technical point of view, a cbdc ( central bank digital currency ) needs a much deeper cooperation with the industry than an analogue banknote. a cbdc ( central bank digital currency ) has to be developed in such a way that it is also interoperable with the storage of commercial bank money in digital accounts. otherwise, it will be difficult to organise the smooth interplay between these two types of money. and users have a strong preference to keep all their different payment solutions in a single wallet, be they cbdc ( central bank digital currency ), cards or account - to - account payments. therefore, cbdc ( central bank digital currency ) will need a kind of rulebook that governs how it is handled among central banks, commercial banks, other providers and, last but not least, end - users. let me illustrate this point in a little more detail : to be suitable for use in applications based on distributed ledger technology ( dlt ( distributed ledger technologie ) ), a cbdc ( central bank digital currency ) also has to be constructed in a token - based environment. the technical handling of tokens might need additional rules, compared to credit transfers based on accounts. what also needs to be organised is how a token - based cbdc ( central bank digital currency ) can be made interoperable with the traditional world of bank accounts. the most striking difference may concern how cbdc ( central bank digital currency ) is perceived by its users. since cash can be identified as something unique by every user based on its particular look and feel, designing a cbdc ( central bank digital currency ) will be a big challenge. as the increasing possibilities of making payments online are not really clear to the majority of users. accordingly, ensuring the recognisability of a cbdc ( central bank digital currency ) will be a challenge. in a physical wallet, cash – central bank money – can easily be distinguished from a card as a means of payment. in a digital wallet, it will not be that obvious what is “ behind ” a transaction – i. e. what is the source that makes a payment happen. a tokenised card or a direct debit based on commercial bank money as a “ background instrument ” might feel the same for most users. this may sound a little odd, but we can learn from china about the communication challenge surrounding cbdc (

t involve all their data being sold to interested parties. in this sense, cbdc ( central bank digital currency ) could be a core infrastructure for new convenient private payment solutions as well as a complement to pre - existing private payment solutions or those which might emerge in the future. 4 conclusion ladies and gentlemen, looking ahead to the year 2030, the question of cbdc ( central bank digital currency ) or private payment solutions is, in my view, not a binary one. i am sure that, all over the world, we will find pre - existing private payment solutions and some examples of cbdc ( central bank digital currency ) payment solutions building on good cooperation between central banks and private sector companies. regarding cbdc ( central bank digital currency ) payment solutions, i think both parties should make the most of their capabilities : central banks offering resilient and secure infrastructures, and taking care of financial stability, efficiency and innovation ; and private actors leveraging their experience of end - user - focused interfaces. let us combine the best of both worlds. nevertheless, we all know that this is a challenge which will call for some deep, time - consuming discussions among all the cbdc ( central bank digital currency ) stakeholders. and that brings me back to what i mentioned at the beginning of my speech. we might explore new avenues, we might implement new technologies – but we should also benefit from the wisdom of our ancestors. so let ’ s hear what aristotle has to say : “ well begun is half done. ” and that is still very true for our work on cbdc ( central bank digital currency ). many thanks for your attention. footnotes : 1. https : / / www. bis. org / publ / bppdf / bispap125. htm [ https : / / www. bis. org / publ / bppdf / bispap125. htm ] 2. https : / / www. ecb. europa. eu / ecb / pdf / orga / escbstatutes _ en. pdf [ https : / / www. ecb. europa. eu / ecb / pdf / orga / escbstatutes _ en. pdf ], article 2