 Welcome to the ITU studio in Geneva where I'm very pleased to be joined in the studio to say Mr David Wen who is the chairman of the focus group on digital fiat currency and he's also from the DFC Institute David welcome to the studio Welcome and good afternoon. Now, I'd like to start off by talking a little bit about the focus group This is the final meeting of the focus group. I wanted to ask you Do you think that the objectives of the focus group of him have been met? Yeah, it gives me a great pleasure to be to held the final meeting of the focus group at the headquarter of ITU and it's great to be speaking about this event and The focus group was established two years ago at the time. I think most people know about Crypto currency and a few people know about digital fiat currency and I think the timing for the focus group is perfect and last year especially IMF and the Bank of Interest Settlement did a survey 78% of the central bank are studying the digital fiat currency central bank digital currency and I think the work from IMF from Bank of Canada from Half a dozen central bank around the world in the working group with a focus group proves that We have created a great Information for the central banks as well as ITU members to share for those who are not in the know What exactly is digital fiat currency? The money that we use today is also called the legal tender and What digital fiat currency is is in the way digitizing that legal tender so that's why central bank is very much involved and it's Digital cash in the in the in the way that that's what how most people will define digital fiat currency And and why are central banks considering issuing digital fiat currency as opposed to regular currency? Yes, I think the You know everything is being digitized the music letters and everything so the money the paper money Becoming digital is just a matter of time. However, how it should be digitized Well function should be this I is the work of this focus group and I think with Members like the central bank the IMF the Bank of Internet Settlement And all the central banks especially expert in this area I think we have come together the most relevant information in terms of what the future of the currency is going to be What about the technology behind the central bank digital currency? What are the key technologies? That's a very good question The reason we study this with ITU actually was because dr. Choseb Lee was saying that Many changes form because of communication technology revolution the invention of letter the invention of writing the Telegraph and that's how ITU come about and of course mobile phone. So the technology for digital fiat currency comes in multiple layers phone is clearly one of those and the communication network and Of course people have heard about the blockchain distributed ledger and hardware security all of this play a part and we have a working group on reference architecture and That basically consolidated all the technology aspects of what goes into making a digital fiat currency solution Finally coming back to the focus group. What are going to be the key outputs of the focus group? the focus group has three working groups and the first one is Compliance league a regular regulatory compliance and the economic impact the second one is Architecture and the third one is security. So we have created the relevant use cases by the different central banks and Organizations that are actually experimenting with digital fiat currency and those outputs are really relevant Underground Deployment or pilots and I think this is just a beginning because we are gathering requirements use cases and we are planning to Establish a future of a currency lab where most of the member will participate so that all the solutions can be compared and Evaluated and then provided to central banks around the world so that they don't have to Chase, you know all kinds of solutions event this so we want to make this a clearing house for the technology For digital fiat currency. Well, they went. Thank you very much for joining us today, and we hope to catch up with you again Some stage in the future. Thank you very much