Turkish central bank to consider launch of CBDC in 2023

Turkey’s presidential program for 2023 includes a plan to prepare for the launch of the digital lira. CoinDesk reports, citing the Government Strategy and Budget Office.

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The project has been assigned to the central bank, the Ministry of Finance, and the Scientific and Technical Research Institute.

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CBDC will be integrated with the regulator’s digital identification and FAST payment system.

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The Central Bank of Turkey will conduct research and development, as well as testing, in cooperation with other banks.

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CBDC will be blockchain-based.

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In December 2020, the then-head of the Turkish central bank, Naci Ağbalannounced testing of the digital lira in the second half of 2021.

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In September 2021, President Recep Tayyip Erdoğanstated that authorities are waging a separate fight against digital assets.

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In May 2022, Bloombergreported on legislation under development in Turkey that would tighten oversight of the industry with a likely introduction of a tax on some transactions.

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Against the backdrop of the lira’s devaluation, there is a rise in the popularity of cryptocurrencies.

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