Indeed, the new frontier presents central banking with challenges that have not been there before. The changing landscape calls for us to be more vigilant, proactive, and dynamic in responding to the needs of our diverse stakeholders.
Convertibility is essential to ensure trust in a currency. People must be sure they can exchange the form of the money they hold at par at any point in time. Interoperability is required to ensure a smooth exchange of money between different kinds of payment systems. In a digitalised world, this is an absolute prerequisite to ensure an efficient financial system.