, when combined with data vaults to securely store personal information, can be used to trade objects in a way that protects one's identity from being exploited for profit. while these technological developments are still in their infancy, they have potential applications beyond the crypto ecosystem that could lead to substantial productivity enhancements in other industries. 1 / 3 bis - central bankers'speeches this leaves us with the crypto - assets themselves. the question is, why would someone hold such an asset? what is the value proposition of such an asset? the answer isn't new or unique, but rather is based on economic relationships that result in objects having value. one reason objects have value is because of their intrinsic properties. for example, the value of corn derives in part from the fact that it can be used for food or fuel, or in some cases for thanksgiving centerpieces. intuition suggests that if an object has no intrinsic value, then the price of that object should be zero - why pay for something that has no fundamental value? shockingly, it turns out that objects may be valued well above what their intrinsic properties would suggest. since paul samuelson's seminal work in 1958 on intertemporal consumption smoothing, economists have known that an intrinsically useless object can trade at a positive price. 2 such an object's value is driven purely by belief. if i believe someone will pay a positive price for this object in the future, then i may be willing to pay a positive price now, carry it across time, and sell it when i need to consume other goods and services. samuelson referred to this concept as " the social contrivance of money. " while an intrinsically useless object can trade at a positive price, we also know that there is always a second equilibrium price for this object, which is zero. what if one day, beliefs change and i no longer believe that someone will pay me for this object in the future? then i clearly shouldn't pay anything for it today, so its price goes to zero. there are many intrinsically useless objects that still have value. consider things like baseball cards and celebrity autographs, which are pieces of cardboard and paper with pictures or scribbles on them. based on their fundamental properties, these things have little to no intrinsic value, yet can be in high demand and command staggering prices. what happens if one day, no one wants to collect baseball cards? as valuable as they are today, they wouldn't

while retaining a focus on lmi communities. in addition, the anpr seeks feedback about clarifying the definitions of qualifying activities and broadening certain definitions in targeted ways. for example, the board is considering defining cra - eligible activities that create or preserve naturally occurring affordable housing and is considering whether to broaden the set of volunteer activities that would qualify in rural areas. the board is also clarifying when a government or tribal plan is required to qualify activities that revitalize and stabilize communities. this is especially important in indian country, where we want to encourage banks to make impactful investments that have the support of tribal governments and to increase certainty about how these activities qualify for cra credit. recognizing the special circumstances of small banks in rural areas stakeholder feedback emphasized that smaller retail banks play a vital role in many underserved communities, such as in rural areas. accordingly, the anpr provides small banks in rural areas operating in just a portion of a large county greater clarity and flexibility in - 13 tailoring the facility - based assessment area definition. the anpr proposes that a small bank would not be required to expand the delineation of an assessment area to include parts of counties where it does not have a physical presence and where it either engages in a de minimis amount of lending or there is substantial competition from other institutions, except in limited circumstances. in addition, the anpr proposes to revise the definition of community development services to include a wider range of volunteer activities to address the particular needs of rural areas. the path ahead it has been 25 years since the last significant revision to the cra regulation, so it is important to get reform right. we are providing an extended 120 - day comment period to allow ample time for thoughtful feedback from a broad set of stakeholders. the input from stakeholders thus far has been tremendously valuable, and we appreciate the care and concern expressed in the many comment letters and other forms of input on this important regulation. in the weeks and months ahead, we look forward to reviewing your comments and analyzing options for greater impact, including changes to address the inequities and challenges faced by minority communities and individuals. this feedback is critically important, and we are ready to listen. stakeholders have expressed strong support for the agencies to work together to modernize the cra. by reflecting stakeholder views and providing a long period for public comment, the anpr is intended to build a foundation for the banking agencies to converge on a consistent approach to strengthening the cr