I think Canada stands to gain better consumer experiences and lower fees by adopting some of these new real-time payment schemes and payment wallets. Today, if you want to transfer $10 to your friend, it's actually a kind of clunky process in many countries, including Canada. With these new central bank wallets, that can then become instant, close to free and very straightforward. Once those wallets exist, they can then be used for business payments as well— again, typically, with much lower fees than traditionally with cards.
I think it creates a more competitive ecosystem. It creates better consumer experiences and reduces fees for merchants, so I think there's a lot for society to gain.
We operate a little bit in the cryptocurrency domain. Within cryptocurrency, we're most interested in what are called stablecoins. Rather than the volatile prices of Bitcoin and Ethereum and these kind of special purpose tokens, we're more interested in regular currencies—the U.S. dollar, the Euro, the Canadian dollar—and how they can be put on the blockchain and made accessible in an open access way. We don't do a lot here today, but we're pretty interested in it over the coming years, and we see it potentially as another way to reduce friction, reduce fees and provide broader access to businesses.