The countdown continues for Turkey’s signature in the digital currency market. According to the last minute information, the digital TL is getting ready to be showcased. Central Bank President Sahap Kavcioglu stated that the digital money used in shopping and trade continues intensively and announced that the pilot application will start in September.
Last minute: If the pilot applications are successful this year, Turkey will be able to use the digital money it produces in 2022. With the pilot application, all scenarios for the use of digital money in real life will be tested, and more comprehensive findings for its design will be revealed.
HOW WILL THE DIGITAL MONEY BE?
Within the scope of the work carried out with the Central Bank, Presidency Digital Transformation Office, the economic, technological and legal infrastructure of digital money is clarified. Kavcioglu said that they will start a pilot application in September.
Chairman Kavcioglu stated that the final work will be carried out after September. The European Central Bank and the US Federal Reserve are also working to issue their own digital currencies.
ALL SCENARIOS ARE BEING TESTED
As part of the Central Bank’s R&D Project, it is testing different scenarios regarding the use of digital money in real life. The General Directorate of Innovation was established at the Central Bank last year to carry out multidimensional research activities in innovative technology areas such as digital money, blockchain, machine learning, artificial intelligence that will affect the future of central banking and the financial system.
With the R&D activities carried out by this department, the institutional capacity regarding the central banking dimension of technologies was strengthened.
Source: Sabah / Translated by Irem Yildiz