Turkish central bank taps local tech firms for digital currency R&D
The Central Bank of the Republic of Turkey has singed agreements with various firms to form the Digital Turkish Lira Collaboration Platform. The Central Bank of the Republic of Turkey (CBRT) has made a major step forward with a research and development project that could see the Turkish lira go digital.On Sept. 15, CBRT announced the signing of memoranda of understanding with three domestic research and technology companies that will form the “Digital Turkish Lira Collaboration Platform.” The pool of participants is expected to expand as the project moves forward.The three original....
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The Turkish government’s plans for cryptocurrencies draw a stark contrast to its central bank digital currency intentions. Turkey is eager to become a blockchain hub as a country with one leg in Europe and another in Asia. However, the same passion doesn’t apply to cryptocurrencies, as Turkish President Recep Tayyib Erdoğan reiterated recently.Erdoğan hosted a question and answer event in Mersin, Turkey with youth from across the country. An attendant referred to the Digital Turkish Lira Collaboration Platform announced last week, and asked if the central bank would embrace....
One of cryptocurrency’s most notable use cases is enabling instant cross-border payments. That’s why the Central Bank Digital Currency (CBDC) program has attracted hundreds of jurisdictions worldwide, and some countries like China have already linked the technology with their central bank. Similarly, Europe Central Bank (ECB) is currently in the investigation phase of CBDC and […]
The Turkish lira currency plunged by more than 10% on March 22 after the country’s President Recep Tayyip Erdogan unexpectedly fired Naci Agbal, the country’s central bank governor. Having initially touched a new low of 8.280 a dollar, the lira recovered to close at 7.75 a dollar by 20.00 hours GMT. Inflation Fears On the other hand, a day before the lira crashed, bitcoin became the most searched word in Turkey. As Google trends data shows, searches for bitcoin spiked by more than 500% as inflation fears grew following Agbal’s ouster. Before his sacking, Agbal, who....
The Bank of Jamaica has partnered with an Ireland-based tech firm for its central bank digital currency project scheduled to begin in May. Jamaica is the latest country making concrete efforts towards issuing its own sovereign digital currency.According to a press release by the Bank of Jamaica on Tuesday, eCurrency Mint, a cryptography security company specializing in central bank digital currency issuance has been selected as the technology provider for the sovereign digital currency project.As previously reported by Cointelegraph, Jamaica’s central bank invited technology solution....
While the announcement came as a surprise to some, a digital Lira has been in the works since 2019 As the country struggles with soaring consumer prices and an inflation rate in the double digits, in an announcement to members of Turkey’s Parliament central bank governor Naci Agbal revealed that “conceptual” research had been completed on a Turkish central bank digital currency (CBDC), and that practical tests for such a currency would begin in the latter half of 2021.“There is an R&D project initiated on digital money,” said Agbal, according to two local outlets. “Currently the conceptual....