Turkish Central Bank Makes Its First Test Of CBDC
Turkish central bank is working on Central Bank Digital Currency (CBDC) - the Digital Turkish Lira and just completed its first test by making payment transactions on the Digital Turkish Lira. They are going to launch more tests in 2023.
According to the Central Bank of the Republic of Turkey (CBRT), in the first quarter of 2023, they are planning to execute restricted, closed-circuit pilot tests with technology partners. They will observe how it goes and then extend it on a large scale.
They will carefully analyze the results of each test and publish to make it in public in a comprehensive evaluation report. They will focus on studies about digital identification, and different aspects of the economic and legal framework around CBDC.
Turkish central bank takes time to make its move. They did not talk about launching CBDC - the Digital Turkish Lira at the beginning. In September 2021, they announced to work on a project called Central Bank Digital Turkish Lira Research and Development where they look into the advantage of using Central Bank Digital Currency (CBDC) and how it impacts the economy.
Now it is clear how hard they are working to test and launch the Digital Turkish Lira. It is about having direct control of the financial system where they can interact with your wallet directly. That's what, many countries' central banks are up to these days.
How people react and accept CBDC, that's a big question. China is the first country to make this move and still, the adoption rate is pretty low. Nigeria pushes hard to adopt its Central Bank Digital Currency - the eNaira. Do you think the adoption rate of CBDC in Nigeria is high? The adoption rate of the eNaira is less than 0.05%.
In case you did not hear about the central bank of your country working on CBDC, just wait and see. Maybe you already started working on it but have not made any announcement yet. Time will say how everything will turn around.
People will welcome and choose what is best for them. The central authority can force people and the people have the ultimate power. And cryptocurrency gives power back to the people. You are in control when you hold crypto in your wallet. You have private keys, you can decide what to do with your crypto.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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