Page 1/3  • In addition, the development of crypto-asset and DeFi comes with significant policy challenges for public authorities, that were highlighted in our discussions today: o First, they raise the question of how to regulate market players, which are not easily captured by existing regulation as they either lack central authority or may require close coordination between several regulatory and supervisory agencies due to the variety of their activities. o Second, the rise of these new assets has led central banks to reflect on the appropriate balance between public money and private assets and the way in which access to public money could be ensured in the digital era through the issuance of Central Bank Digital Currency. The second takeaway is that private players identify substantial benefits associated with distributed ledger technologies and consider that an appropriate regulatory framework would help make the most of these technologies. •  But we know from experience that public authorities need to act quickly, while this ecosystem is still nascent, to guide its development in a way that suits our public policy objectives. We are now at a tipping point. If we do fail to act, there is a risk that inefficient, fragmented, monopolistic solutions could develop in a silo mode, harming financial stability. But if we act early, we can foster the development of an innovative ecosystem, which will improve the efficiency of post-trading processes and infrastructures.
Fatos Ibrahimi: Business development opportunities in Albania Speech by Mr Fatos Ibrahimi, First Deputy Governor of the Bank of Albania, at the Forum on Business Activity, with Governors and Managing Board of the Black Sea Trade and Development Bank, Tirana, 20 June 2011. *  *  *  Distinguished participants, It is a great pleasure for me to take the floor at this forum organized by the Black Sea Trade and Development Bank, which this time has on focus the promotion of development opportunities in Albania. Allow me say that the time of holding this forum coincides with the need to ensure the economy’s revival at home, after weathering the direct impacts of the global economic and financial crisis. The economy’s revival needs to become more sustainable, promoting the development of sectors that provide a competitive advantage by developing specific public policies and taking the public-private investment partnership to a new level. Allow me to dwell in more details on the contribution that the financial system and the banking sector can provide to support valuable business projects. The development and good financial position of the financial system in general and the banking sector in particular is a prerequisite for carrying out a successful financial intermediation activity. In fact, over the last decade, the banking sector has experienced a rapid development. Well-known European banking groups have entered the market, bringing about knowledge and best technologies, as well as enhancing competition in the interbank market.