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Turkish Central Bank to Research Benefits of a Central Bank Digital Currency
The bank has not made a final decision regarding the issuance of a digital Turkish lira but expects results from the pilot study to be announced in 2022.
Turkey’s central bank has launched a Digital Turkish Lira Collaboration Platform to research the benefits of introducing a central bank digital currency (CBDC).
- The Central Bank of the Republic of Turkey (CBRT) said it is continuing its research around issuing a CBDC, and if a digital Turkish lira is launched, it will complement the existing payments infrastructure.
- The bank said it has completed the proof of concept stage and now moved on to the next stage with the participation of several technology stakeholders.
- CBRT has signed agreements with defense company Aselsan, software and systems firm Havelsan and science and technology center TÜBİTAK-BİLGEM to launch the Digital Turkish Lira Collaboration Platform.
- The bank stressed it has not made a final decision regarding the issuance of a digital Turkish lira and expects the results of the first phase to be announced in 2022 after the tests are completed.
Read more: Turkey’s Central Bank Head Says Crypto Rules Coming, Denies Total Ban Ahead
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
