the use of encryption techniques to secure communications over open networks, and ( iii ) the deployment of protocols that allow to automatically execute different types of transactions. according to the results of the funcas survey of 7 april 2022 on the use of banking services, access to digital banking services and financial and digital education. https : / / g20. org / documents / however, the commonalities end there. with over 16, 000 existing tokens3 ( around ten new crypto - assets are estimated to be launched every day on average ) the digital asset space exhibits sheer amplitude and a gigantic functional and operational disparity. when analysing crypto - assets, one practical approach is to classify them in accordance with what apparently is their declared main purpose. as a result, broadly speaking, three different groups may be distinguished. the first one comprises those assets whose primary objective is to serve as a medium of payment or exchange. these are loosely labelled as “ virtual currencies ”, and they frequently fall outside the prevailing regulatory framework, except where specifically referenced in new or existing provisions, such as the case of germany or france. 4 the second group covers instruments designed to help raise capital from investors. specific procedures are organised to this end, known as initial coin offerings. 5 investors receive tokens substantiating their legal claim to participate in any potential increase in the future value of, or returns on, businesses or specific projects. alternatively, these may be structured to confer rights equivalent to those of other financial instruments. as they largely overlap with marketable securities, usually sectoral regulations which are already in place apply. the third cluster encompasses so - called utility tokens, which act as electronic coupons that can be exchanged for future services, products or benefits marketed through the issuer ’ s own platform. the very capital raised from the sale of these tokens will then be used to fund the development of the forthcoming products or services. in principle, provided their amount remains limited, these will be subject to regulations on consumer protection, online trading, data protection and business operations, but not financial ones. another classification criteria of the crypto - asset ecosystem has to do with the primary nature of each token. tokens are understood to be a specific unit of digital value, as assembled by an issuing organization, which further enables interactions between those agents that operate in the virtual space. 6 in some cases these are dubbed native tokens since they are created from scratch with no underlying asset.

##u leurs taux. dans nos deux pays, la loi stipule aujourd ’ hui que les decisions de politique monetaire sont du seul ressort des banques centrales et ne peuvent en aucun cas etre influencees par le gouvernement et la politique. cette regle est egalement conforme au traite de maastricht. et l ’ independance de la future banque centrale europeenne a encore une fois ete reaffirmee lors de la reunion informelle de l ’ ecofin a mondorf - les - bains et a l ’ occasion du conseil economique et financier franco - allemand de munster. cela implique egalement que la responsabilite sera desormais assumee, au niveau europeen, seulement a travers le rapport presente par le president de la banque centrale europeenne et non pas par les divers membres du future systeme europeen de banques centrales. le relevement de 0, 3 point de pourcentage du troisieme taux directeur vise a contrecarrer d ’ eventuelles pressions inflationnistes. ainsi, la politique monetaire contribue a ce que les taux a long terme du marche - - qui sont d ’ une grande importance pour l ’ economie en allemagne tout comme en france - - continuent a se situer a un niveau aussi bas que possible. si, depuis, les taux d ’ interet a long terme ont subi une legere hausse dans nos deux pays, c ’ est parce que l ’ evolution observee sur les marches americains a gagne notre continent. de nombreux analystes des milieux bancaires sont d ’ avis que le relevement des taux directeurs favorise aussi la convergence des taux a court terme en europe. j ’ estime qu ’ il faut faire preuve, la, de circonspection. il est certain que les taux a court terme des pays de l ’ union se rapprocheront progressivement les uns des autres a partir