11 Libra, and indeed any stablecoin project with global scale and scope, must address a core set of legal and regulatory challenges before it can facilitate a first payment. I will emphasize a few issues in particular. First, compliance with know-your-customer rules and regulations are essential to ensure stablecoins are not used for illegal activities and illicit finance.
Future developments in medium- to long-term inflation expectations should therefore continue to be monitored closely. IV. Conduct of monetary policy  Next, I will talk about the Bank's conduct of monetary policy. As I said earlier, economic conditions in Japan have deteriorated significantly.