 Welcome to the ITU studio in Geneva, where I'm pleased to be joined by Daniel Rice, who is from the Central Bank of Brazil. Daniel, welcome to the studio. Thank you very much for the invitation, for sharing my opinions and personal views here. Could you perhaps start off by talking a little bit about digital, Central Bank digital currency. What's the Central Bank of Brazil's experience in that? Well, in my opinion, the Central Bank of Brazil is kind of focusing on the policy side. So we've been working at the BAS with other CPMI members on digital innovations. So on the technology side, some effort has been done to understand digital ledger technology. We have made some effort to look into that, but without any specific intention on proving CBDCs. If you take Brazilian figures, 97% of broad money is already digital. Just 3% is in physical format, like cash or checks. If these figures are not that different for the US, for example, where 93% of broad money is already digital. Finally, in what areas of digital currency are standards required for central banks and how do you think that the output of the focus group that you've just been participating in or ICU could help bridge the standards gap? Well, financial markers are completely linked. In that sense, money should go similar from one country to other, moving around. So in that sense, you need to have standards to make this possible without any big costs on doing that. So I think that there's a huge place to ITU to help this kind of standardization if eventually this technology is going to be marketable. Thank you very much indeed. Thank you.