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- After the year of research and testing the final decision has been made by the central bank of republic of turkey (CBRT) TO LAUNCH CBDC next year
- The official report also state that “ The Digital Turkish system LIRA system will be integrated with digital identity and Fast
- FAST is a payment system operated by the turkish central bank
Back in september 2021 Turkey central bank announced that it was considering issuing a CBDC to complement its existing payments infrastructure in a project which will be entitled as “Central Bank Digital Turkish Lira Research and Development” and after year of the announcement now Turkey has announced to lauch a central bank digital currency (CBDC) next year.
The announcement was made on Turkey’s Presidental Annual Programe for 2023 , which was presented on Monday by the presidential Strategy and Budget Directorate, the programe also contains the discussion of a central bank digital currency.
As per the reports a bilateral memorandum of understanding with ASELSAN , HAVELSAN and TUBITAK – BILGEM and established a “Digital Turkish Lira Cooperation Platform” was signed in september 2021 by the central Bank of the Republic of turkey.
If the reports are to believed the final decisions has been made by the Central Bank of the Republic of Turkey (CBRT) . The decision has been made after a year of research and Testing as well as development in the first phase.
The Balance of payment section of the programe, under the sub-heading of policies and measures stated that a “blockchain-based central bank digital currency will be put in pratice”and for the same Turkey’s central bank will be responsible, with the cooperation of the local ministry of finance and Scientific and technological Research institution.
The official report also stated that “The Digital Turkish Lira system will be integrated with digital identity and FAST. FAST is a payment system operated by the turkish central bank. The same report also stated that a research and development efforts will be carried by the Turkish Central bank for testing of its CBDC in collabration with other bank.
According to the recent reports the number of crypto trading in the country is increasing and it has reached above one million per day as the nations currency turkish plunged to a series of record lows and citizens have been converting Lira into gold or the US dollar and it has been very common among the citizens since they have seen the LIRA lose 90% of its value since the year 2008.
It has also been reported that the bank of Jamaica is set to partner with the government to boost the adoption of its central bank digital currency, jamdex as a payment method.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
