step forward, it will need to be built on in the coming years. for example, it only partially tackles the concentration of crypto - asset service activities within crypto - conglomerates. by virtue of its decentralised nature, the so - called defi ecosystem likewise raises regulatory challenges that will need to be addressed. with this in mind, the acpr, the french supervisor backed by the banque de france, has begun identifying potential avenues of regulation. they include : ( 1 ) preserving the resilience of public and private dlt infrastructure via security standards ; ( 2 ) certifying smart contracts and ( 3 ) regulating defi entry points to protect investors against the risks of abuse. our second conviction is that, in order to have a framework that inspires trust in the development of the tokenisation of finance, cebm needs to be maintained as the primary settlement asset for financial intermediaries, which are the most sensitive in terms of systemic consequences in the event of problems. it ensures confidence between financial intermediaries and so decisively contributes to the stability of the financial system. in a dlt environment, the use of stablecoins is growing, even though these private settlement assets are riskier. it is therefore important that financial intermediaries have access to a trusted settlement asset when operating in a dlt environment. to achieve this goal, central banks need to adapt the form and provision of cebm to reflect the characteristics of transactions in tokenised assets to ensure that cebm can be issued, recorded and used for settlement of dlt transactions. this conviction spurred the banque de france to become the first central bank to launch an ambitious experimental programme on wholesale central bank digital currency ( cbdc ) for large - value payments in 2020. this work is continuing at the eurosystem level and includes several dozen on going poc and live experiments. the banque de france is directly involved in these eurosystem further exploratory work to determine the best way of making cebm available to private players. at the same time, the banque de france is also involved in international works such as the agora project, which is exploring the concept of unified ledger that could bring together all types of tokenised assets and allow the system to operate more efficiently on a dlt. 2. artificial intelligence in the financial sector i now turn to the second innovation, artificial intelligence ( ai ), which could lead to real economic disruption, especially in the financial sector. ai

denis beau : emerging technologies in financial services opportunities and challenges speech by mr denis beau, first deputy governor of the bank of france, at the at the rbi @ 90 global conference on " digital public infrastructure and emerging technologies ", bengaluru, 26 august 2024. * * * good afternoon ladies and gentlemen, i am very pleased to speak today, at this event celebrating the 90th anniversary of the reserve bank of india. i would like to thank the organizers for providing me with the opportunity to speak about a major topic for central banks and supervisors today, that is : emerging technologies, their opportunities for the financial sector and the challenges they represent for us all. i would like to focus my remarks on two emerging technologies, which i believe may transform deeply financial services : tokenisation ( i ) and artificial intelligence ( ii ). 1. tokenisation of assets and payment services in the financial sector, the emergence of crypto - assets has paved the way for the tokenisation of finance. it allows the issuing, recording and exchange of financial assets in the form of digital tokens on dlt such as blockchain. such tokenisation has the potential to drive deep changes in the way our financial system works. these potential changes present opportunities for market participants and the general public, as they could bring greater simplicity, transparency, effectiveness and speed while also lowering transaction costs of financial transactions. but they also raise challenges, especially for institutions such as the banque de france and rbi, whose mandate includes preserving financial stability. in this respect, we are, at the banque de france, guided by two convictions : 1. confidence requires a regulatory framework that is suitable, clear, sufficiently demanding and fair ; 2. central bank money ( cebm ) must remain at the heart of settlements between financial intermediaries, which are the most sensitive from a systemic perspective. as regards regulation, france blazed a trail in crypto - assets with the adoption in 2019 of the pacte act, which created the classification of digital asset services provider. europe's lawmakers have drawn heavily on the french framework. in 2023, the european union adopted its markets in crypto - assets ( mica ) regulation, a specific regulatory framework covering the issuance of crypto - assets and stablecoins and the provision of related services. mica's goal is to address the major risks to market integrity and provide greater protection to users. 1 / 4 bis - central bankers'speeches while mica represents a vital regulatory