The message speaker would like to convey in his remarks this morning is simple: while we share the excitement around distributed ledgers, blockchain and digitalisation more broadly, and while we believe that, like in the past, central banks should not shy away from potentially disruptive technological innovations, we should be mindful of the potential financial stability consequences and we should start by first picking the low hanging fruit and upgrading our current payment systems. In fact, he believes that an incremental modernisation of our existing retail and wholesale payment systems may well succeed in bringing about many of the benefits promised by the current crop of immature technologies.