Turkey’s central bank plans to launch a digital currency in 2023
Turkey’s central bank plans to launch a digital currency in 2023
Turkey’s central bank plans to launch a central bank digital currency in 2023, a proposal contained in the executive branch’s annual plan presented Monday.
The Central Bank of Turkey is preparing to launch a Central Bank Digital Currency (CBDC) next year
Turkey’s annual presidential program for 2023, presented by the Presidential Strategy and Budget Directorate on Monday, includes discussion of the launch of a central bank digital currency.
Also Read: What Are CBDC Digital Currencies?
It came Advertisement A year after the Central Bank announced in September 2021 that it was considering issuing a digital currency to the Central Bank of Turkey to complement the existing payments infrastructure in a project called “Central Bank for Research and Development of the Turkish Digital Lira”.
The Balance of Payments section of the programme, under the subheading of policies and measures, stated that “central bank digital currency based on blockchain will be implemented”.
The responsible institution is the Central Bank of Turkey in cooperation with the local Ministry of Finance and the Scientific and Technological Research Institute.
The official report stated that “the digital Turkish lira system will be integrated with digital identity and speed”. where FAST is a payment system operated by the Central Bank of Turkey.
The report said that the Central Bank of Turkey will conduct research, development and testing of the Turkish Central Bank’s currency in cooperation with other banks.
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