[music] Good morning. And above all, I am happy to speak in front of such an audience, which takes me back many years, because at the core of my career I am an IT professional and, how can I say, it is truly a joy for me to open today's event related to Excuse Me. Good morning for thinking about what to say, I thought of a statement by Steve Jobs. And many, many years ago, at the graduation of Stanford, in his speech at the graduation of students at Stanford University, where he said: "It is very important to connect the dots in life and you never know how they will be connected. So with me, in 1996, as an IT engineer, I was faced with the challenge of developing a Bulgarian capital infrastructure for a Bulgarian capital market, and there I encountered this thing called a market, and I can proudly tell you that this is one of the things in the world that has been invented and works well, namely not only a capital market, but a market and market mechanisms in general, because it is there that the interests of buyers and sellers meet.
That is where competition is born and is the real place for competition. And that is where innovations are born. Basically, innovations in the capital market, right, are developing really quickly, exploring the economic interest of each economy. And these innovations are mainly in two directions, and the development of new and more advanced financial instruments to be offered through the capital markets. And the second huge innovation is directly related with this event, namely technological development.
And technological development may not seem that old to you, but I still remember that moment when on the capital market in Bulgaria, trading was carried out by submitting a physical ticket, right, from a hard ticket, the so-called. I do n't really remember. From there on, we went through on-site IT systems, remote trading. And dates to comply and entered the internet era, where everything can now be done from anywhere in the world. And in the end, we get to the current point of development, namely crypto assets as a new financial instrument and an expression of a new financial instrument and new technologies that provide one very important thing, namely the development and security of the way the markets work, because every asset ultimately acquires a digital form.
If you think about it, if you think about it, even money in a bank, they are in digital form. shares, financial instruments are already in digital form. Access to this form is very important to be secured, reliable and that is why we rely on the new technologies. The crypto is a new financial instrument and actually see now that turns into digital and see and here is the role and place of the Financial Supervision Commission, which should regulate this market, to ensure, including with new technologies, that it is fair, reliable and secure. So I welcome you to this nice event.
I am really glad that we are part of this society, because we are also developing like you. And what I want to say is that as the chairman of the Financial Supervision Commission, I have adopted and have taken on a policy of openness to business, so that every good idea is well developed and supported by us as a regulator. So I welcome you. idea for the financial super regul. Thank you.
Hey [applause] [music]
Automatic transcript — names and jargon may be misspelled.