Central Bank of Turkey Involves Local Companies for CBDC Research
The Central Bank of the Republic of Turkey (CBRT) has announced it is engaging regional tech companies to explore the benefits of developing its stablecoin.
The CBRT k has not yet decided how expedient it would be to issue a national token but expects that a verdict based on the results of the study of this issue will appear already in 2022.
To facilitate communication between the participants in potential development, the Central Bank of the Republic of Turkey has created a special platform. With the help of it, the study of the benefits of integrating the digital lyre into the daily life of citizens will be carried out.
The bank's representatives announced the completion of work on the CBDC concept and the transition to a more applied study of the possible functionality of the national token. For this, talented personnel from the relevant sectors of the economy and the IT industry, working in local companies, were attracted. CBRT announced today that it has signed MOUs with them.
Among the previously invited participants: the ASELSAN company, which is responsible for the development of the HAVELSAN software, as well as the scientific and technical center TÜBİTAK BİLGEM. More local firms are expected to join the pool for the foreseeable future.
According to the assurances of the Turkish Central Bank, in addition to the development of the plan, a big part of attention will be paid to testing the digital lira. This is done so that the local finance department is confident that the digital equivalent of the lira will be an organic addition to the existing payment infrastructure.
As in the current situation with the development of the digital euro project, CBRT does not intend to commit itself to the final digitization of the lira. For this, the document even highlighted a footnote stating that the development decision was not approved.
Recall that in April this year, the Central Bank of the Republic of Turkey introduced additional restrictions on digital currencies, banning payments with their participation and limiting the number of services that crypto organizations can provide.
Meanwhile, a bill that could make the regulation of a new asset class in the country more understandable for both citizens and the crypto community is still awaiting a vote in the Turkish Majlis.