But we are also thinking about alternative solutions, which could avoid disruption and help overcome the existing challenges, reap the benefits of going digital, and support new payment use cases without introducing CBDC. One way could be to enhance conventional payment systems, both at a domestic and a global level.
What this means in practice is that the steps different market participants take to align their activities with the principles of the Code will necessarily reflect the size, complexity, type and extent of their engagement with the FX market. As I mentioned earlier, the first phase of the Code was released in May 2016.