. the question of creating digital central bank money has become a topical issue nowadays. we have several answers to this. first, today, commercial bank money is used in most cases. we believe that, in the area of retail, digital commercial bank money could also be used in dlt - based systems. second, many stable coins are digital commercial bank money. third, we could imagine what is referred to as a trigger solution. that means that a dlt - based settlement of any transaction of goods or securities would trigger a payment via conventional payment systems. perhaps it could even trigger a payment in central bank money, e. g. ( for example ) via target2 in the eurosystem. that trigger solution would make use of the stable and [UNK] existing payment systems. and in the case of central bank money, the current access to central bank money would remain unaltered. fourth, digital central bank money in the form of a wholesale token may be considered if a dlt - based settlement system proves superior to conventional systems. in that case, a token could be issued by the central bank to a closed group and for a limited purpose. neither access to central bank money nor the supply of central bank money has to change for that. it is again more of a technical question. repercussions for monetary policy implementation and financial stability could be ruled out. fifth, digital central bank money for the general public, i. e. ( that is ) non - banks, as a sort of “ digital banknote ”, would bring with it a number of knock - on effects that are not very well understood as things stand. if a central bank were to issue digital central bank money for everyone, a potential far - reaching substitution between sight deposits with commercial banks and digital central bank money would result. in addition, further repercussions for financial stability and monetary policy implementation are to be expected. to sum up, we have quite a number of ways to bring cash to the ledger. issuing digital central bank money for everyone is not the only solution. what ’ s more, it is the solution with potentially the furthest - reaching implications for stability, and the highest risk. therefore, it should not be our first choice. these reservations should not be pushed aside lightly. closing remarks ladies and gentlemen, times are changing. however, some requirements stay the same. this is also true with regard to changing structures. concerns have been voiced that the financial industry, and notably the payments landscape,

sheet of the bundesbank. and the basis for its value is the stability of the bundesbank and the eurosystem as a whole, as well as the integrity of all the central bankers working to guarantee price stability and safe and [UNK] payments within the euro area. and although monetary policy in europe is currently the subject of heavy debate, overall, the eurosystem has done a good job in the past two decades. in addition, the basis for the stability of the euro is also the constitutional backing of the eurosystem by its member states and the fiscally sound behaviour of its respective governments. the euro is underpinned by the entire eurosystem and all participating countries and their economies. crypto - tokens like bitcoin and others, however, do not have an intrinsic value and do not constitute a claim on anyone ; nor do they have a public authority responsible for issuing them in line with a mandate for price stability. they are lacking any fundamental basis. this renders their value arbitrary. as a result, i do not share the view that crypto - tokens like bitcoin can be considered “ gold 2. 0 ”. attempts to imitate some of the features of the provision of gold, notably a fixed quantity and growing marginal costs for provision, does not mean that you have created something like “ digital gold ”. and that brings me to the next principle. principle 3 : the most important feature of money is stability the third principle is : the most important feature of money is stability. the purpose of money is to be used in payments, to be used as a store of value and as a unit of account. all three functions require money to be stable. therefore, the 2, 000 or more crypto - tokens invented thus far are not primarily used as money. most of them display such extreme volatility in terms of value that people refrain from using them for payments or as a store of value. in response to the sharp price volatility of many existing crypto - tokens, there have been attempts for some time now to develop crypto - tokens that are stable in value. these are referred to as “ stable coins ”. stable coins are crypto tokens whose value is often pegged to an existing currency ( or basket of currencies ) and backed by matching collateral. so stable coins benefit from a sort of derived stability. this could be interpreted as a compliment to the successful, stability - oriented monetary