 Hi, I'm Vijay Adhaskar, the chief economist of e-currency, a pleasure to be here. The timing for the second central bank of the future conference could not be better. The advent of e-money, cryptocurrencies, and stablecoins, including Libra, is shaking up payment systems and challenging central banks around the world to come up with their own innovations. Meanwhile, the COVID-19 pandemic has highlighted the need for a cash-like, state-issued digital instrument that consumers, businesses, and governments can use. As such, a revolution in central banking is brewing with momentum building for the launching of central bank digital currencies or CBDCs. Once this backdrop, our paper focuses on the motivations, the policy, questions, and the design considerations for a retail CBDC. This would be a central bank liability and a digital representation of cash in the 21st century. On motivations, we find that central banks are interested in CBDCs because they can bring efficiency gains, enhance financial inclusion, expand markets, and result in a safer electronic money ecosystem. On policy questions, we discuss concerns related to the possibility of CBDCs resulting in a decline in credit intermediation and accelerating bank runs. We conclude that both concerns are overstated and can also be mitigated with the right design. Moreover, we argue that CBDCs can actually help strengthen monetary and fiscal policy making along with financial integrity. On design considerations, we conclude that a well-designed CBDC holds the key for its success to get the full benefit from economy while minimizing risks. We find that the way forward is a retail CBDC hybrid architecture designed as a public-private partnership with possibly holding and transaction limits which will meet the operational and policy requirements of central banks. Construction architecture would allow them to benefit from technology innovation in the private sector while maintaining control over issuance, distribution, regulation, and supervision of central bank digital currencies. Thank you very much for your attention. We look forward to seeing you all at the conference in November. Bye for now and take care.