be on both sides : regulation, and innovation. i will now elaborate on these two key issues. page 2 sur 5 i. the need for well - tailored, consistent and evolving regulations a number of players in the crypto world have recently stumbled - so - called “ stablecoins ”, defi protocol, lending platforms, hedge funds -, demonstrating in practice what many regulators and central banks had been claiming for years : that these new tools of payments and finance had unlocked age - old dangers, meaning that the industry requires robust regulation. salvador ’ s decision to make bitcoin an official “ currency ” in september 2021, regrettable as it is, is a noteworthy experience of a forced attempt to label a currency something that is nothing more than a crypto asset. one year later, actual use is far from taking off. the value of bitcoin against the dollar has been divided by three ; this certainly stands as an explanation, yet a partial one. people also rightly mistrust bitcoin because it does not fulfil most of the basic characteristics of a currency nor any of its ethical requirements. ii but the so - called “ crypto - winter ” is no reason for complacency or inaction. europe has been a pioneer, designing and drafting a new regulatory framework known as mica ( markets in crypto - assets ) that is tailored to new players and assets. i can only hope for its swift formal adoption, ideally by march next year, as well as the adoption of the very welcome agreement on the extension of transparency rules to transfers of crypto assets, which will make money laundering and criminal use more difficult. other major jurisdictions are less advanced in a similar process. we should be extremely mindful to avoid adopting diverging or contradictory regulations, or regulating too late. to do so would be to create an uneven playing field, risking arbitrage and cherry picking. an unduly complex legal pattern would run counter to our objective of protecting clients, and preventing money laundering. crypto players operate globally, and even their place of establishment is sometimes difficult to determine. we are fortunate to have a common international framework. the g7 as early as 2019, then the fsb and the g20 have made great progress in this direction : by the end of the year, the fsb will publish updated high - level recommendations. this success shows that regulation of crypto players and page 3 sur 5 crypto assets and more broadly of payments is

durmus yilmaz : financial education and awareness – challenges, opportunities and strategies speech by mr durmus yilmaz, governor of the central bank of the republic of turkey, at the international conference on financial education and financial awareness : challenges, opportunities and strategies, istanbul, 10 march 2011. * * * distinguished minister, esteemed participants, esteemed guests and members of the press, welcome to our conference on financial education and financial awareness. as you know, these concepts have progressively come into prominence in both developed and developing countries in recent years. after a brief conceptual introduction, i will continue my speech by talking about the financial education in turkey and efforts of the central bank in this respect. distinguished participants, financial education has always been an important concept in terms of allowing individuals to manage their budgets, arrange incomes and expenditures, manage their investments and savings effectively, and protect themselves from possible losses. with the increased variety and complexity of financial products in today ’ s world, this issue is becoming even more important for both individuals and the financial system. on the back of globalization, the liberalization trend in economies, the easing of restrictive regulations in the financial sector and the liberalization of capital flows at international level since the early 1980s, more and more individuals participate in financial markets as investors in many countries, primarily in developing ones. in this framework, financial education assumes greater importance in terms of minimizing financial risks for those who do not have sufficient experience of capital market instruments. financial awareness supports a more rational decision - making process for individuals by improving their literacy against financial risks. increasing financial literacy will contribute to the more efficient functioning of financial markets, enhancement of financial stability and consequently the social welfare by increasing productivity in the overall economy. therefore, financial education assumes importance not only for individuals but also for giving depth to the financial system and improving market efficiency. parallel to increased financial literacy, the volume and variety of information sought by individuals from financial institutions will also increase. this will, in turn, lead to more transparency in financial markets. besides, consumers ’ demands for products and services that meet their needs will enable the development of creative, innovative and competitive financial products and services in financial markets. moreover, financial education will lead to an increase in the individuals ’ propensity to save and create a more efficient social security system. higher rates of savings will have favorable effects on investment and growth and contribute to economic development and financial stability. i would like to especially underline that financial education is not an