China will establish an international operation center for Digital Yuan – Cyprus Newspaper
China reported that the currency will establish an international operation center for digital Yuan as a step to increase the global efficiency of Yu’s global efficiency.
Pan Gongşing, President of the Chinese Central Bank (PBOC), announced a step in the Lucazui Finance Forum held in Shanghai.
In his speech at the opening of the forum, Pan announced that they will establish an international operation center for Digital Yuan.
Stating that the problems of traditional boundary excessive payment systems have become increasingly apparent, Pan said, “There is a need to reduce their loyalty to a single currency.” he said.
Pan stated that there is an increasing demand for the improvement of international payment systems, and that new payment infrastructures and transfer methods have emerged, stressing that the tendency towards a more effective, safe, inclusive and various global financial system will become more powerful in the future.
Call for reform in global financial institutions
Describing the views of China on the reform of global financial institutions, Pan said that despite the changes in the global economy, there is no change in voting rights and stocks of major international financial institutions such as the IMF and the World Bank, and that the need for regulation has been felt for a long time.
« The share of rising markets and developing countries is well below their real positions in the global economy. » He said.
Digital yuan
The Beijing administration started the first work for the official digital currency called “e-CNY” in 2014.
Digital Yuan was used with a pilot application launched in 4 cities in 2020.
The Central Bank of China expanded the scope of the pilot application in 2022 and published a mobile application that can be used as an electronic wallet for digital yuan in Apple’s iOS and Google’s Android stores.
Mobile Application, Shanghai, Şincin, Çıngdu, Çankşa, Sucou, Shian, Çingdao, Dailan cities, Hinan Province, the Shiaon Olympics in Hıbey and the winter Olympics will be organized in the cities of Beijing and Canjakou.
