 Hi, my name's Ezekio Kopak and I'm a former central banker from the Federal Reserve Bank in New York. And I'm currently working on the seller protocol. We're building a mobile-first blockchain solution designed to give anyone with a smartphone access to financial services anywhere in the world. I'm particularly excited about the potential impact digital currency technology can have on monetary policy. As most of you know, today, monetary policy works by changing the price of money through interest rates. For example, when a central bank wants to encourage consumer spending, they lower interest rates, effectively making the price of money cheaper. But there are limits to this approach, especially as interest rates get close to zero as they are now. However, with the technology available to make digital money programmable, central banks will be able to also change the speed of money by influencing the velocity of central bank digital currencies. This is particularly important now as governments around the world send stimulus funds to their citizens to combat the negative economic effects of the coronavirus pandemic. However, such policies often have only a limited impact on economic growth because people tend to save this money during times of crisis. In fact, a survey conducted by the University of Michigan following the release of U.S. stimulus funds in 2008 showed that only 20 percent of the funds were expected to be used for new purchases, with the rest saved or being used to pay down existing debt. Although understandable, such behavior reduces what economists call the velocity of money, or put simply, the number of times a bank note is used to pay for something and thus circulates through the economy. But if nobody is buying goods and services at their local merchants, then those local merchants have no money to pay for salaries for their employees and then this creates a negative feedback loop for the entire economy. Conventional wisdom suggests that money velocity cannot be influenced, but recent technological advances in digital currencies could shatter this myth and afford central banks a new transmission channel for monetary policy. My colleague, Marcus and I, are excited to share our work at the Central Bank of the Future Conference, co-hosted by the Federal Reserve Bank of San Francisco and the University of Michigan this November. In the meantime, we encourage you to read our paper to find out more about how money velocity can be influenced. Thank you. We look forward to seeing you in November.