While Turkey is carrying out work for its own central bank digital currency (MNBC), the first experiments have proved successful.
Turkey moves forward on its MNBC projects
Like many countries around the world, Turkey is working on its own central bank digital currency (MNBC). In this regard, the Central Bank of the Republic of Turkey (BCRT) yesterday issued a statement to inform about the progress of the work. She thus indicated that in the context of her experiments, the first transactions with the digital Turkish lira had been a success.
If few details have been revealed as to the purpose of this work, it must continue in 2023 on a larger scale :
“In 2023, BCRT will expand the Turkish Lira Collaborative Platform to involve selected banks and fintech companies, and unveil advanced phases of the pilot study that will further broaden participation. »
The BCRT estimates that the next major challenges of the project will relate in particular to the “legal and economic framework” as well as “digital identification“.
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A digital currency still at the prototype stage
Based on the information provided, this work therefore focuses more on a large MNBCnamely a currency that falls under payments between institutional actors.
In addition, no precise date of release is indicated, because these experiments are only in their infancy, like many central banks around the world. Thus, it is still too early to say whether the final version of this Turkish digital lira will be based, for example, on a blockchain, or any other type of distributed ledger.
As part of the development of this MNBC, BCRT reached an agreement last year with the companies specializing in defence, IT and communication systems HAVELSAN and ASELSAN, as well as the research center TÜBİTAK.
As for money as such, the Turkish lira is still suffering from the full brunt of inflationwith a rate of 85% last November, unheard of in nearly 25 years.
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Source: Press release
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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