 Welcome to ITU Telecom World 2018 in Durban, South Africa. We're very pleased to be joining the studio today by David Wen, who is the chairman of the ITU focus group on digital fiat currency. David, welcome to the studio. Hello. Let's start by talking about digital fiat currency. Perhaps you could talk about that and tell us a little bit about what it means. We all know fiat currency. So that's the money everyone used today is a paper. And that's a unit of account. So South Africa is ramped in U.S. is a dollar. So digital fiat currency is really the digitization of that currency, the unit of account. I think most people know now Bitcoin as a digital currency and so on. You have hundreds of those different type of digital cryptocurrencies and they are not a unit of account. So people still measure them by how many dollars each of them have and you buy them not to use it to pay other people you use to hold it. So that's a big difference. One is a central bank issue digitized unit of account of the country. The other one is asset. In terms of financial inclusion, it's a topic that ITU has been engaged with for a number of years. Can digital fiat currency or DFC contribute to financial inclusion? Can it benefit developing countries? Yes. The starting point actually of the digital fiat currency and the companies that I'm involved with the currency doing that is because we recognize the cash as a very good financial inclusion instrument before all the digitization happened. And what we should do is to actually preserve the good financial inclusion property of the fiat currency that is the trust and that is the low cost. People don't pay for transacting and the inclusiveness. Everybody except in probability. So what we're trying to do is digitize that function using the new technology so that people can have very friction is trust worthy transaction using the mobile phones. That's what it is. Let's talk about the ITU focus group. How is its work progressing and what is it hoping to achieve? We started the focus group last October and we have a first meeting in Beijing, China and with People's Bank of China supporting and many other central bank participating. After only nine months we were able to have our second meeting a workshop with six central banks ranging from Philippines central bank where the cash is the king and mobile money is also used very much and to Bank of Sweden where the country doesn't have any cash. They also wanted to make sure the central bank issue digital fiat currency that benefits everyone and of course People's Bank of China, Egypt central bank, Bank of Canada all were involved presenting use case. So it represents a spectrum of solutions for the member states to pick and choose which one works better for them. So has grown a lot the membership for the focus group and this will continue to do that. Let's talk about ITU Telecom World. Why is it valuable to be here? Perhaps you could if you've got a message that you could exchange you could give to participants here? I think one of the most important thing I noticed was when I walk into the exhibition hall I see all the developing countries unlike most of the other kind of show I see just big brands companies. So I can realize Telecom World is really for the benefit of its member member states and I think digital fiat currency is one of the things that through the ITU can benefit all those member countries especially developing countries. So Telecom World is a very good place for us to spread that message. David Wen, thank you very much. Thank you.