Bitcoin News and Finance
Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform Skip to main content

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency. The new collaboration will allow Turkey to focus on expanding research and conducting tests of the prospective digital lira.

Turkey Sets Up Digital Lira Collaboration Platform

The Central Bank of the Republic of Turkey (CBRT) has secured agreements with two defense and technology companies, Aselsan and Havelsan, the Scientific and Technological Research Council of Turkey, and the Informatics and Information Security Research Center to cooperate on the digital lira project, the state-run Anadolu Agency and Daily Sabah reported.

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

As per the signed memorandums of understanding, the partners are launching a “Digital Turkish Lira Collaboration Platform” to facilitate the research, development, and testing of the new currency, the bank said in a statement. Efforts will focus on examining the potential benefits of introducing a digital lira to complement Turkey’s existing payment infrastructure, but a final decision on its issuance is yet to be made.

Turkey announced its intentions to explore the matter of minting a central bank digital currency (CBDC) in late 2019 when the project found a place in Recep Tayyip Erdogan’s Annual Presidential Program. The document specifically noted that the coin will be created as a “blockchain-based digital currency” and tests were expected to begin as early as 2020.

First Results From Pilot Study to Come Out Next Year

The country’s monetary authority explained that the process, which started with the completion of the proof of concept phase, now moves on to the next stage that will involve the new participants. During the initial phase of the new study, the CBRT plans to develop a prototype “digital Turkish lira network” and conduct limited, closed-circuit tests with the help of the technology stakeholders. The bank elaborated:

Based on the results of those tests, the CBRT will unveil advanced phases of the pilot study that will reflect a broader participation.

The Central Bank of Turkey added that it plans to carry out experiments aimed at diversifying the coverage of the digital lira project into fields such as implementation of blockchain technology, development of payment systems based on distributed ledgers, and integration with instant payment systems.

Results from the first phase of the current pilot will be announced in 2022, the regulator said. After participants in the Digital Turkish Lira Collaboration Platform complete their assessment of various technological and architectural alternatives, authorities will decide whether existing technologies are able to “meet the economic, legal and financial requirements of the digital Turkish lira,” the CBRT stated.

Do you expect Turkey to eventually issue a digital version of its sovereign currency? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory