00:00The euro denominated stablecoins and the euro, the digital euro, are not mutually exclusive.
00:06I think they serve a different purpose.
00:08The digital euro is intended for payment purposes.
00:13So we share a payment, we organize that through the digital euro.
00:17I owe you something, you owe me something, we organize it through digital euro.
00:21You use your phone, I use my phone, I will use a card, whatever.
00:24But this is really the intended purpose, including e-commerce, point of sales, all of those.
00:32The euro denominated stablecoins, I think, can serve the purpose when you have, as I said, a payment involving a
00:40euro area leg and a non-euro area leg.
00:44That makes sense.
00:45Okay, let's talk about both sales.
00:47But one thing that you also always have to take into account is the cost.
00:51Because there is a sort of conventional knowledge that stablecoins are cheap.
00:56Well, we experimented.
00:59And Banca d'Italia, for instance, played the ghost customer.
01:03And they experienced it using 10 different corridors to channel those stablecoins.
01:12And guess what?
01:13The commission, the add-on fee, varied from anywhere 0.3% to 9% of the value of the
01:22transaction.
01:22It's very different than sometimes it gets conveyed.
01:24So I think when you want to really compare, you have to compare all costs included, ramp-on, ramp-off,
01:30exchange rate, commission, all of it.
