But I will say that no one involved in those workshops has suggested that they provide a reason to delay moving away from LIBOR on the timetable that we’re now all too familiar with. I want to be clear—as the ARRC and the Fed have been from the beginning—that no one is requiring that everyone use SOFR for all purposes or for any specific purpose. There are other alternatives out there, and nothing prevents you from using any rate that’s robust, appropriate for your institution, and fit for the use you’re putting it to. What is most important is that you move off of LIBOR and do it now. But in deciding what to move to, remember that SOFR is the foundation for the transition from U.S. dollar LIBOR because it meets very high standards. The ARRC went through an extensive review and consultation process and got input from a wide range of market participants. It evaluated a number of alternative rates for benchmark quality, methodological quality, accountability, governance, and ease of implementation. SOFR was the clear first choice. It’s produced by the New York Fed and is based on about a trillion dollars’ worth of daily transactions in a broad and liquid market that a wide array of firms of all types have access to. The New York Fed has provided detailed public information about every aspect of SOFR, including historical data and a point-by-point description of how it complies with the benchmark principles set out by the International Organization of Securities Commissions (IOSCO).
In this regard, I would like to point out that the inclusion of information technology developments in financial services is increasingly drawing the attention of central banks, regulatory and supervisory authorities worldwide. Both international and domestic practices show that a comprehensive approach through collaboration considerably supports the achievement of 1/3  BIS central bankers' speeches  effective and optimal results. A concrete example of aligned efforts in this regard is exactly the one in the field of payments. In this field, the measures undertaken by the Government of Albania for the digitalisation of government services and recently for the draft-law “on billing and monitoring system of circulation”, which aims at increasing and strengthening the fiscalisation of the Albanian economy, appear to fully harmonise with the initiatives undertaken by the Bank of Albania, through the National Payment System Committee, for modernising the payment market and increasing financial inclusion. The Bank of Albania has worked on drafting a new legal and regulatory framework, which aims at promoting digitalisation in the area of payment services. The compilation of the draft-law “On payment services” is considered as the first and crucial step in the framework of reforming and digitalising the small-value payments. In concrete terms, this draft-law is seen to considerably encourage the competition in the market, by providing a crucial contribution to the establishment of low cost services and easily accessible by the large public.