between people, covering online shopping as well as bricks and mortar businesses. we have laid down several basic requirements for a digital euro, such as easy accessibility, robustness, safety, efficiency, privacy and compliance with the law. these will help us define what a digital euro might eventually look like. importantly, a digital euro would be designed to work together with private payment solutions, facilitating the provision of pan - european solutions and services to consumers. with global cooperation it could eventually also solve many of the issues plaguing cross - border payments. so why should we introduce a digital euro alongside cash? would it not be enough to rely on the private sector to provide us with efficient payment means for the digital age? recent market developments have highlighted the fact that crypto - assets are fundamentally different from central bank money. their prices are volatile, which makes them hard to use as means of payment or units of account. even stablecoins attempting to piggyback on the credibility provided by central bank money have failed to guarantee one - to - one convertibility with it. as the bis meticulously pointed out in their recent annual economic report, crypto - assets'limitations are structural. an economy dominated by digital payments but without a strong monetary anchor would be inherently unstable. federal reserve vice chair lael brainard also recently noted that, given the foundational role of fiat currency, a digital native form of safe central bank money could enhance stability by providing the neutral trusted settlement layer in the future financial system. people using a digital euro, or a digital dollar, should have the same level of confidence as they would when using cash, since both fiat and digital forms of currency would be backed by a central bank. a digital payment landscape without a monetary anchor provided by the central bank would simply confuse people's understanding of what qualifies as money. 3 / 5 bis - central bankers'speeches the transformation of the payments landscape also raises important questions about the security of a monetary system in the digital age. digitalisation is making financial services more efficient but leaving them more vulnerable to cyber - attacks and other forms of cyber risks. these risks and hybrid forms of influence have increased in the current environment of heightened geopolitical tensions, not least as a result of russia's invasion of ukraine. the vulnerability of the crypto ecosystem to hacks and theft as well as its capacity to facilitate financial crime, money laundering and other illegal activities is another reason to offer safe and legal means of payment in the digital

amando m tetangco, jr : ensuring a well - trained security force remarks by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the graduation ceremony for basic security training, central bank of the philippines, manila, 27 july 2007. * * * the members of the monetary board, distinguished lecturers and resource persons, our graduates and their respective families, special guests, fellow central bankers, magandang umaga po sa inyong lahat! i have a question for our graduates : mahirap ba ang two - month training ninyo? parang hindi masyadong maliwanag at sabay - sabay ang sagot ninyo. again : mahirap ba ang training ninyo? mabuti naman! dapat talaga mahirap ang training ninyo. afterall, your training should prepare you to provide the best security for the bangko sentral ng pilipinas. as you are aware, the bangko sentral was created in accordance with the provisions of the 1987 philippine constitution to ensure stable prices and a sound banking system. in other words, the bangko sentral helps provide a stable environment for our economy to grow and provide a better life for filipinos. therefore, if the premises and human resources of the bangko sentral itself are not stable safe and secure, we will not able to serve our country in the best way we can. your ability to provide excellent security service to the bangko sentral, your fellow central bankers, as well as our guests is therefore very important! the basic security training program you have just completed has been designed to make sure that our security personnel have the appropriate physical, mental and psychological aptitude. this is a job meant only for those committed to do excellent security service 100 % of the time. you and i know the times call for vigilance against security risks. if you are committed only 99 % of the time, a security lapse could happen within that 1 % window when you lower your guard, so to speak. the greek philosopher aristotle once said that “ we are what we repeatedly do. excellence, then, is not a singular act, but a habit. ” i hope therefore that you will focus on your assigned task at all times. mayroon pa akong isang paalala : mahalaga rin na marunong kay