4 September 2021

Mihály Patai greeted participants of the China Financial Technology Forum 2021 in a video message. The MNB’s Deputy Governor spoke about the financial effects of Covid, which had produced systemic changes, bringing about long-awaited green, digital and sustainable transformations in society and the economy. Mr Patai stressed that digitalisation and innovation in the area of national currencies is becoming a key task for central banks as technology continues to advance.

On 4 September 2021, Deputy Governor of the Magyar Nemzeti Bank Mihály Patai sent an online greeting to the ‘China Financial Technology Forum 2021’ event. In his video speech, Mr Patai shared his views with participants on the role central banks play in the financial system, the future of central bank digital currency, and the financial aspects of green and sustainable development among others. He told the audience about the advantages of the Hungarian instant payment system, a unique innovation even by international standards, the introduction of which provides a foundation for the digital transformation of the entire Hungarian financial system, as well as about the so-called green mandate of the Magyar Nemzeti Bank, unmatched elsewhere in Europe.

In his speech, the Deputy Governor praised the initiative the People’s Bank of China has taken in the development of central bank digital currencies. In this context, he noted that central bank digital currencies require joint thinking by both decision makers and economic agents in the international financial scene. In the current digital age, it is necessary to innovate money, and central banks must find a way to control the renewal of payment systems, he said. He noted that, looking to the future, it would be worth considering that if digitalisation and green sustainability are global phenomena, and most digital platforms are becoming global, could a central bank currency remain national in this global framework or, by its very nature, it can only become international.

Finally, Mr Patai stressed that Covid has highlighted the importance of open and continuous dialogue at both national and global level.